A debit memorandum increases which account on the seller's books?
A) Accounts Payable
B) Merchandise Inventory
C) Sales Returns and Allowances
D) Accounts Receivable

Name: A debit memorandum increases which account on the seller's books? A) Accounts Payable B) Merchandise Inventory C) Sales Returns and Allowances D) Accounts Receivable
Brand: Quizplus
Rating: 4.7 (45 reviews)

Question

Quizplus · Accepted Answer

A debit memorandum issued by the buyer indicates a return or allowance, which increases the seller's Sales Returns and Allowances account.

A Debit Memorandum Increases Which Account on the Seller's Books