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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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