What is a purchase return?Multiple choice question.A purchase return refers to merchandise a buyer acquires, but then returns to the seller.A purchase return is designed to shorten the payment period between the buyer and the seller.A purchase return refers to merchandise a seller acquires, but then returns to the buyer.A purchase return is the cash discount given for early payment of an invoice.

When a seller records a return of goods purchased on credit, the account that is credited with the selling price of the goods returned is: Group of answer choices Sales Revenue. Sales Returns and Allowances. Inventory. Accounts Receivable.

Hugh Snow, the buyer, returned merchandise to Farley Company, the seller. The entry on the books of Hugh Snow to record the return of merchandise assuming a periodic inventory system is used, would include a:Multiple Choicecredit to Purchases Returns and Allowances.credit to Accounts Payable.debit to Sales Returns and Allowances.credit to Account Receivable.

The entry to record the return of goods from a customer would include a: Group of answer choices debit to Sales Revenue. credit to Sales Revenue. debit to Sales Returns and Allowances. credit to Sales Returns and Allowances.

On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer.Multiple choice question.Debit Accounts Receivable $500 and credit Cash $500.Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.Debit Sales Returns and Allowances $150; credit Accounts Receivable $150.Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.

The customer purchased a non returnable item from our App but after the delivery of order he realized that he has purchased it by mistake.As per company policy the item cannot be returned.Write  an appropriate response to the customer for the following scenario.