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Assuming a periodic inventory system is used, purchases returns and allowances are recorded in the general journal as a debit to Accounts Payable and a
Assuming a periodic inventory system is used, purchases returns and allowances are recorded in the general journal as a debit to Accounts Payable and a credit to:
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Purchases Returns and Allowances.
Cash.
Merchandise Inventory.
Purchases Discounts.
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Introduction To Data Analytics For Accounting
Authors: Vernon Richardson, Katie Terrell, Ryan Teeter
1st Edition
126406828X, 978-1264068289
