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The balance in the Purchase Returns and Allowance account is $1,000. The adjusting entry at the end of the accounting period required to close this
The balance in the Purchase Returns and Allowance account is $1,000. The adjusting entry at the end of the accounting period required to close this account out is:
Debit Puchase Returns and Allowances and Credit Income Summary |
Debit Income Summary and Credit Purchase Returns and Allowances |
Debit Purchase Returns and Allowances and Credit Capital |
Debit Capital and Credit Purchase Returns and Allowances |
None of the above |
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