When goods that were sold on credit are returned the double entry is:
A) Debit: Returns outward account Credit: Trade receivables account
B) Debit: Returns inward account Credit: Trade receivables account
C) Debit: Trade receivables account Credit: Sales return account
D) Debit: Sales returns account Credit: Returns inward account
Correct Answer:
Verified
Q1: Which of the following statements is true?
A)
Q2: The trading and income statement:
A) Is only
Q3: When a business pays its electricity bill
Q4: When a business purchases goods on credit
Q5: A debit balance on a ledger account
Q7: What transaction is represented by the entries?
Q8: What transaction is represented by the entries?
Q9: What transaction is represented by the entries?
Q10: What transaction is represented by the entry?
Q11: Which of the following are correct?
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