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Accounts Payable
Liabilities owed by a business to its creditors for goods and services purchased on credit, which are due within a short period.
Debit Memorandum
A document issued by a buyer to a seller indicating returned goods or a request for a price reduction, increasing the buyer's accounts payable.
Sales Returns and Allowances
A reduction in sales revenue for returned goods or provided allowances due to dissatisfaction or defects.
Merchandise Inventory
Goods that a merchandising company holds for the purpose of resale to customers in the ordinary course of business.
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