A merchandiser returned inventory worth $2,000 that was purchased on account. Under the periodic inventory system, the journal entry to record such returns would include:
A)a debit to Purchase Returns and Allowances for $2,000 and a credit to Accounts Payable for $2,000.
B)a debit to Accounts Payable for $2,000 and a $2,000 credit to Purchase Returns and Allowances.
C)a debit to Purchases for $2,000 and a credit to Accounts Payable for $2,000.
D)a debit to Accounts Payable for $2,000 and a credit to Purchases for $2,000.

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The Answer of A merchandiser returned inventory worth $2,000 that was purchased on account. Under the periodic inventory system, the journal entry to record such returns would include:
A)a debit to Purchase Returns and Allowances for $2,000 and a credit to Accounts Payable for $2,000.
B)a debit to Accounts Payable for $2,000 and a $2,000 credit to Purchase Returns and Allowances.
C)a debit to Purchases for $2,000 and a credit to Accounts Payable for $2,000.
D)a debit to Accounts Payable for $2,000 and a credit to Purchases for $2,000.

A Merchandiser Returned Inventory Worth $2,000 That Was Purchased on Account