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1.The Sales Returns and Allowances account is debited when: Merchandise is returned to a supplier. Merchandise is returned by a customer. Payment is made to

1.The Sales Returns and Allowances account is debited when:

Merchandise is returned to a supplier.

Merchandise is returned by a customer.

Payment is made to a supplier within the discount period.

An account receivable is collected within the discount period.

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Fundamental financial accounting concepts

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