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3 Unsatisfactory shoes acquired on open account in March were returned by Nike for full credit, $40,000. When doing the journal entry would you debit
3 Unsatisfactory shoes acquired on open account in March were returned by Nike for full credit, $40,000. When doing the journal entry would you debit the accounts payable and credit the loss in show inventory? So would the journal entry look like:
Accounts Payable (A) $40,000
Inventory (A) $40, 000
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