Crowder Corporation Recorded the Return of $200 of Goods Originally

question 176

Short Answer

Crowder Corporation recorded the return of $200 of goods originally sold on credit to Discount Industries.Using the periodic inventory approach, Crowder would record this transaction as:

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Definitions:

Treasury Bonds

Long-term government debt securities issued by the U.S. Treasury with a maturity of more than ten years that pay periodic interest until maturity when the face value is paid back.

Ask Price

The price at which a dealer will sell a security.

Wall Street Journal

An international daily newspaper focused on business and economic news, published in New York.

Treasury Note

Medium-term securities issued by the U.S. Treasury that mature in two to ten years and pay interest every six months.