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Question

ure ntipsareougen.wneypius.comweaugenitdymain.un CANVASUCLA Canvas Login C The Income State.. Weygandt, Accounting Principles, 13e Hele I System Announcements CALCUL CES Multiple Choice Question 159 The journal entry to record a return of merchandise purchased on account under a periodic inventory system would be O Purchase Returns and Allowances Accounts Payable Accounts Payable Inventory O Inventory Accounts Payable Accounts Payable Purchase Returns and Allowances Click if you would like to Show Work for this question: Open Show Work dy Question Attempts: O of 1 use

Explanation / Answer

1 Correct answer is : Accounts payable Purchases returns and allowances (Being purchase return recorded under periodic inventory system) 2 Correct answer is = $2,63,100 Calculation of cost of goods sold under periodic inventory system: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory = $45,800 + ($2,69,100 - $15,200) - $36,600 = $ 2,63,100

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