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vaieri [72.5K]
2 years ago
7

A merchandiser returned inventory worth $1,400 that was purchased on account. Under the periodic inventory system, the joumal

Business
1 answer:
cestrela7 [59]2 years ago
4 0

Answer:

a debit to Accounts Payable for $1,400 and a $1,400 credit to Purchase Returns allowances

Explanation:

Periodic inventory system is one that updates information on inventory on a periodic basis. This is opposite of perpetual inventory system that requires update of inventory system at all times.

In the scenario the merchandiser bought the goods on account. That means he did not pay cash but rather bought on credit.

On purchasing the items accounts payable will be credited thereby increasing the account balance.

Since the items are being returned a debit will be applied to accounts payable resulting in a decrease in the account balance.

A credit will now be posted to purchase returns allowances to show that products have been returned by a buyer

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Answer:

C. The capacity to empathize and act effectively across cultures.

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3 years ago
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Answer:

10.02%

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3 years ago
Suppose the Fed decides it needs to pursue an expansionary policy. Assume people hold no cash, the reserve requirement is 50 per
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Answer:

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if the Fed wants to increase the money supply by $1 million, then it would need to purchase US securities worth $500,000. The formulas used to calculate the impact of the Fed's operations are:

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3 years ago
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3 years ago
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