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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO4 Purchases returns and allowances are recorded in the general journal.

To determine

Identify whether the given statement is true or false.

Explanation

Purchases Returns and Allowances account: Purchase returns are the goods returned by the buyer out of the goods purchased. Purchases Returns and Allowances is a contra-purchases account, and contra-purchases accounts increase the equity value (as the value of cost of merchandise or purchases reduces), and an increase in equity is credited, so this account is credited...

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