1 answer

Ting: A Contemporary Approach - Haddock, Price, and Farina. 4e, Accounting for Purchases, Accounts Payable, and...

Question:

ting: A Contemporary Approach - Haddock, Price, and Farina. 4e, Accounting for Purchases, Accounts Payable, and Cash Paymer A
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory sy
ting: A Contemporary Approach - Haddock, Price, and Farina. 4e, Accounting for Purchases, Accounts Payable, and Cash Paymer A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the - account. Click the answer you think is right. purchases returns & allowances merchandise inventory purchases Do you know the answer? Read about this I know it Think so Unsure No idea 24 nong the
A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the account. Click the answer you think is right. purchases returns & allowances merchandise inventory purchases

Answers

Solution :

A company received a credit memorandum for $100 from a supplier for defective product returned. Using a periodic inventory system, this transaction would be recorded with a credit to the "Purchases returns & Allowances"

Hence first option is correct.

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