Question
Dock lumber in the amount of $700 was purchased on account in December and was returned for a credit. The lumber company canceled the bill
Dock lumber in the amount of $700 was purchased on account in December and was returned for a credit. The lumber company canceled the bill (which had not yet been paid)
What is the adjusting entry?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
8th edition
978-1118953815, 978-1118953907
