Explain why purchase returns are credited directly to the Inventory account but sales returns result in a

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Explain why purchase returns are credited directly to the Inventory account but sales returns result in a debit to the Refund Liability account, rather than the Sales account.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119594574

8th Canadian Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley

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Question Posted: Mar 03, 2023 11:42 PM

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Explain why purchase returns are credited directly to the Inventory account but sales returns result in a

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In a perpetual inventory system purchase returns are cred...View the full answer

Financial Accounting Tools For Business Decision Making

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