Time remaining:
If a credit memorandum is issued, which account will be increased on the seller’s books?

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

If a credit memorandum is issued, which account will be increased on the seller’s books?
A. Accounts Receivable
   
B. Accounts Payable
   
C. Sales Discount
   
D. Sales Returns and Allowances
   

Oct 17th, 2017

D. This is a contra revenue account that will be deducted from sales when arriving at net sales on the sellers books. The other side of the entry is a reduction in accounts receivable.

Apr 24th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Oct 17th, 2017
...
Oct 17th, 2017
Oct 18th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer