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Prince Company accepted merchandise returned by a customer who had purchased the goods on credit for $600. The goods cost Prince $300. Prince's journal entry
Prince Company accepted merchandise returned by a customer who had purchased the goods on credit for $600. The goods cost Prince $300. Prince's journal entry to reflect the return of the merchandise would include:
*a credit to Accounts Receivable for $600
*None of these
*A debit to purchases for $300
*All of these except none of these
*A debit to Sales & Allowances for $300
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