Which of the following is the correct journal entry for a return of goods that were purchased on account under the periodic inventory system?
A)
Purchase Returns and Allowances XX
Accounts Payable XX
B)
Accounts Payable XX
Merchandise Inventory XX
C)
Accounts Payable XX
Purchase Returns and
Allowances XX
D)
Merchandise Inventory XX
Accounts Payable XX
C
You might also like to view...
The following unit data were assembled for the heating process of Morgan Processing Inc for the month of August. Direct materials are added at the beginning of the process. Conversion costs are added uniformly over the production process. The company uses the FIFO process costing method. Units Beginning work in process inventory (30 percent complete) 5,000 Units started in August 44,000 Ending
work in process (60 percent complete) 4,500 The number of equivalent units produced by Morgan Processing with respect to conversion costs is A) 43,700. B) 45,700. C) 48,200. D) 50,200.
Which of the following intervening variables is NOT part of the multiple linkage model of leadership?
a. Member effort b. Member ability c. Stress of the situation d. Availability of resources
The selection ratio is the ratio of the number of applicants to be selected to the total number of applicants.
Answer the following statement true (T) or false (F)
A call provision gives the issuing corporation the right to call in the preferred stock for redemption.
Answer the following statement true (T) or false (F)