ACCT 220 Final Exam 2 17 2023 ( Real Exam)

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ACCT 220 Final Exam 2 17 2023 ( Real Exam) occurs on January 21, the journal entry would include a credit to: Question 3 Accounts Receivable for $2,000 Cash for $1,960 Accounts Receivable for $1,960 Sales Discounts for $40 Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? Question 4 Debit Accounts Payable, and Credit Inventory. Debit Accounts Payable, and Credit Purchase Returns and Allowances. Debit Accounts Payable, and Credit Purchase Discounts. Debit Accounts Payable, and Credit Purchases. Alpha Company provided the following data concerning its income statement: sales, $1,050,000; purchases, $458,000; beginning inventory, $245,000; ending inventory, $277,000; operating expenses, $117,000; freight-in, $5,000; sales discounts, $23,000; purchases discounts, $15,000; sales returns & allowances, $98,000; and purchases returns & allowances, $32,000. The data are complete and provide the basis 8 / 8 points 9 / 9 points

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