Bud Company records purchases at invoice price, using the periodic inventory system. On July 5, Bud returned $12,000 of goods purchased on account to the seller. How would Bud record this transfer? A) Accounts Payable 12,000 Purchases Returns and Allowances 12,000 B) Accounts Receivable 12,000 Purchases Returns and Allowances 12,000 C) Accounts Payable 12.000 Purchases 12.000 D) Cash 12.000 Purchases Returns and Allowances 12.000 OB OC