When a Customer Returns Merchandise Previously Purchased on Credit, the Entry

question 208

Short Answer

When a customer returns merchandise previously purchased on credit, the entry to record the return requires a debit to the ________________ account and a credit to the ________________ account.

---

Definitions:

Ethics Competency

The ability to recognize ethical dilemmas, understand various ethical perspectives, and make decisions that align with ethical principles.

Bank CEO

The chief executive officer of a banking institution, responsible for the strategic direction and management of the bank.

Creative Way

An innovative or original approach to solving problems or generating new ideas.

Save Bank

A strategy or plan to conserve financial resources or prevent financial collapse.