Answered: The periodic total of purchases return…

The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture account

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2MC: What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts...

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Question

The periodic total of purchases return journal is posted to :
(i) Purchase account
(ii) Profit and loss account
(iii) Purchase returns account
(iv) Furniture account

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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