Asked by
deepesh joshi
on Nov 18, 2024
Verified
Customer Refunds Payable is an account used to record merchandise returns from customers.
Customer Refunds Payable
Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.
- Comprehend the accounting procedures for merchandise returns and allowances.
Verified Answer
CA
Learning Objectives
- Comprehend the accounting procedures for merchandise returns and allowances.