Cary, a Customer of ABC Retail, Returned $45 of Goods

question 33

Essay

Cary, a customer of ABC Retail, returned $45 of goods that were purchased on account. Under the perpetual inventory system, the journal entry to record the return by the customer will include a:

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Definitions:

Natural Resources

Naturally occurring materials such as minerals, water, and fertile land that can be used for economic gain.

International Organization

An entity formed by sovereign states or civil societies to work on common areas of interest such as peace, security, and development on a global scale.

Global Trade Agreements

Agreements between countries that regulate tariffs, trade barriers, and other aspects of international trade.

Trade Agreement

A negotiated pact between two or more nations that outlines the rules for trade between them, often aiming to reduce tariffs and other barriers to import and export.