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What is the effect of a purchase return on the inventory account?
Practice Questions
Q1
What is the effect of a purchase return on the inventory account?
Increase inventory
Decrease inventory
No effect on inventory
Transfer inventory to expenses
Questions & Step-by-Step Solutions
What is the effect of a purchase return on the inventory account?
Steps
Concepts
Step 1: Understand what a purchase return is.
Step 2: Identify what the inventory account is.
Step 3: Recognize that returning goods means the business no longer has them.
Step 4: Conclude that this results in a decrease in the inventory account.
No concepts available.
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