Question

purchase returns is an example of alc​

Answer 1

$\sf \red{The \: statement \: is} \: \purple{True}$

Answer 2

Answer:

The company notified the supplier and was instructed to return the merchandise. Assuming this merchandise had a cost of $200, the company recorded the purchases return as follows: A debit to Accounts Payable for $200. A credit to Purchases Returns $200.