The Estimated Returns Inventory Account ________

question 157

Multiple Choice

The Estimated Returns Inventory account ________.

• A) is an expense account
• B) is a liability account
• C) is credited when a customer returns merchandise to the seller
• D) represents the selling price of goods the company believes it will receive in returns

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Definitions:

Converses

Statements in which the hypothesis and the conclusion (or subject and predicate) are switched in places.

Contrapositive

A logical statement formed by negating and swapping the positions of the hypothesis and conclusion of the converse of a conditional statement.

Amelodic

Lacking a coherent melody or not based on traditional harmonic structures.

Subcontraries

In logic, two propositions that can both be true but cannot both be false, used particularly in the context of categorical propositions.