Unformatted text preview: Returns, Allowances, and Discounts - Using the periodic inventory system, suppose a
company's gross purchases are $960,000 and
purchase returns and allowances are $75,000.
The summary journal entries are: Purchases 960,000
Accounts payable 960,000 Accounts payable 75,000 Purchase returns and allowances 75,000 ...
View Full Document
- Fall '07
- Financial Accounting