19. The journal entry to record a return of merchandise purchased on account under a periodic inventory system would be a. Dr. Accounts Payable Cr. Purchase Returns and Allowances b. Dr. Purchase Returns and Allowances Cr. Accounts Payable c. Dr. Accounts Payable Cr. Inventory d. Dr. Inventory Cr. Accounts Payable 20. Cost of goods available for sale is computed by adding a. freight-in to net purchases. b. beginning inventory to net purchases. c. beginning inventory to purchases and freight-in. d. beginning inventory to cost of goods purchased. 21. EF EXERCISES BES1 Presented below are the components in Clearwater Company Ltd.'s income state ment. Determine the missing amounts. (LO 1 Sales Revenue (a) 78,000 (b) 105,000 (c) ? Cost of Goods Sold ? 55,000 Gr Profit 30,000 2 279,600 Operating Expenses ? 2 39,500 Nel Income 110,800 29,500 ER3.900