Asked by
Diamon Hawkins
on Dec 16, 2024Verified
When a seller grants credit for returned goods the account that is credited is
A) Sales Revenue.
B) Sales Returns and Allowances.
C) Inventory.
D) Accounts Receivable.
Sales Returns
Transactions where customers return defective, unsatisfactory or unwanted products back to the seller, resulting in a reversal of revenue.
Accounts Receivable
Financial obligations of customers towards a business for delivered but unpaid goods or services.
- Comprehend the principles and computations involved in sales transactions, encompassing credit sales, returns, allowances, and discounts.
Verified Answer
SH
Learning Objectives
- Comprehend the principles and computations involved in sales transactions, encompassing credit sales, returns, allowances, and discounts.
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