ACC 291 Week 2 Practice: Week 2 Discussion Question 1

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ACC 291 Week 2 Practice: Week 2 Discussion Question 1
ACC 291 Week 2 Practice: Week 2 Discussion Question 1
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ACC 291 Week 2 Practice: Week 2 Discussion Question 1

1

Hello class,

When a business returns merchandise to a vendor, it makes an opposite entry to that of a purchase, but instead of crediting the Purchases account, a credit is made to the Purchase Returns and Allowances account. Purchase Returns and Allowances account is a contra expense under cost of goods sold that keeps track of all merchandise returns the business made. The Purchase Returns and Allowances account would appear on the Income Statement as a reduction in the cost of purchases.

 

Why would a business want to keep track of returns it makes?

2

Purchasing

Do you think it would be feasible to allow every person who works at a business to buy and order merchandise?  Think about a business like Bed, Bath & Beyond. . . or think about a business you are associated with… please explain.

 

Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words.  All posts must meet the originality requirements of the University of Phoenix.  Direct copy & paste from resource or outside material will not count toward participation.  You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)