Explain why purchase returns are credited directly to the Merchandise Inventory account but sales returns are not
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Explain why purchase returns are credited directly to the Merchandise Inventory account but sales returns are not debited directly to the Sales account.
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In a perpetual inventory system purchase returns are credited to the Merchandise Inventory becau...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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