Which of the following is the correct journal entry for purchase returns of goods purchased on account under the periodic inventory system?

Question

Quizplus · Accepted Answer

C shows the correct journal entry for purchase returns of goods purchased on account under the periodic inventory system. It debits purchases returns and credits accounts payable. A, B, and D are incorrect because they either do not use the correct accounts or do not follow the double-entry accounting system.

Which of the Following Is the Correct Journal Entry for Purchase