upe Company records purchases at invoice price, using the periodic inventory system. On July 5, Lupe returned $24,000 of goods purchased on account to the seller. How would Lupe record this transfer? Select one: A. Cash 24,000 Purchases Returns and Allowances 24,000 B. Accounts Payable 24,000 Purchases 24,000 C. Accounts Payable 24,000 Purchases Returns and Allowances 24,000 D. Accounts Receivable 24,000 Purchases Returns and Allowances 24,000