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Posted: January 24th, 2023
Utah State University – College of Easte ACCT 2010 Merchandise was returned to a supplier.
Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return?Debit accounts payable, and credit inventoryDebit accounts payable, and credit purchase returns and allowancesDebit accounts payable, and credit purchasesDebit accounts payable and credit purchase discounts
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