Which of the following is the correct journal entry for a return of goods that were purchased on account under the periodic inventory system?

Question

Quizplus · Accepted Answer

The correct journal entry for a return of goods that were purchased on account under the periodic inventory system would be to credit the Accounts Payable account and debit the Purchases Returns and Allowances account. Choice C is the only option that shows these accounts being affected in the correct way.

Which of the Following Is the Correct Journal Entry for a Return