Instead of Paying for Merchandise Purchased on Account,Olympic Corp

question 24

True/False

Instead of paying for merchandise purchased on account,Olympic Corp.returned this merchandise to the supplier.Olympic should record this transaction by debiting Accounts Payable and crediting Sales Returns and Allowances.

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Definitions:

Security

A financial instrument designated as a note, stock, or bond or any other instrument named in the Securities Act of 1933.

Basic Needs

Fundamental requirements necessary for individuals to live a healthy and relatively comfortable life, such as food, water, shelter, and clothing.

Justice

The concept of moral rightness based on ethics, law, fairness, and equity, extending also to the determination of just punishment for wrongdoing.

Property Rights

Legal rights to own, use, and dispose of assets including real estate, personal property, and intellectual property.