Goods returned by customer will be debited to which account?Return outward OReturn inward OCustomer's A/C OPurchases A/C OCreative Advertising obtained 12% 5-year loan of $20,000 from the bank. Whichaccount is credited?Capital OBank loan OCash OAccount receivable O

When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Answered: Goods returned by customer will be…

Business

Accounting

Goods returned by customer will be debited to which account?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 35CE: Notes Receivable Link Communications programs voicemail systems for businesses. For a recent...

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Question

Goods returned by customer will be debited to which account?
Return outward O
Return inward O
Customer's A/C O
Purchases A/C O
Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which
account is credited?
Capital O
Bank loan O
Cash O
Account receivable O

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