Credit Notes from Suppliers in the Purchase Returns Day Book

question 53

Multiple Choice

Credit notes from suppliers in the purchase returns day book:
Please select all that apply.

• A) Reduce amounts owed to trade payables.
• B) Record the total amount of the credit note, the net expense and the VAT on the net expense.
• C) Are totalled up daily and the daily total credited to the trade payables control account.
• D) Analyse net credits from suppliers across nominal ledger expense headings.

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