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State the term- Purchases Returns and Allowances
Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of merchandise.
These transactions are recorded in a "contra" account and they have a normal balance of credit.
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Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
What is Purchase Returns?
How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
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