When a Merchandiser Records Sales Returns,Accounts Receivable Is Credited

question 119

True/False

When a merchandiser records sales returns,Accounts Receivable is credited.(Assume the seller uses the perpetual inventory system. )

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Definitions:

Checkbook Balance

The total amount of money available in an individual's checking account, as recorded in their checkbook.

Outstanding Checks

Checks that have been written and recorded in the accounting books but not yet cashed or cleared by the bank.

Automatic Transfer

A banking service that automatically moves funds from one account to another at scheduled times or under specific conditions.

Adjusted Cash Balance

The cash amount shown on a company's books after adjustments have been made for checks outstanding, deposits in transit, and other discrepancies.