Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If I returned $10,000 worth of items I purchased. Which account(s) would I DEBIT (DR) to show this return when using the periodic system?

image text in transcribedimage text in transcribedimage text in transcribed

If I returned $10,000 worth of items I purchased. Which account(s) would I DEBIT (DR) to show this return when using the periodic system? A/R and HST Recoverable A/P and HST Payable Purchases Returns and HST Payable None of the Above If I returned $10,000 worth of items I purchased. Which account(s) would I CREDIT (CR) to show this return using the periodic system? A/P and HST Recoverable A/P and HST Payable Purchases Returns and HST Payable Purchases Returns and HST Recoverable 2 points 2 points If I received a DISCOUNT on my purchase of 3%. How much will I pay the * 3 points supplier, in cash, to pay off the entire amount? Remember, I returned $10,000 worth of goods. (Please write your answer like this: $100,000) Your answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828

More Books

Students also viewed these Accounting questions

Question

Outline three of Vivess contributions to psychological thought.

Answered: 1 week ago

Question

Comment on the statement forecasting is as much art as science. LO9

Answered: 1 week ago