A credit note is used as documentation in a business for journal entry that requires a debit to Select one: A. accounts receivable and credit to returns inwards B. returns inwards and credit to accounts receivables C. accounts receivable and credit to sales D. returns outwards and credit to accounts payable

A credit note is used as documentation in a business for journal entry that requires a debit to Select one: A. accounts receivable and credit to returns inwards B. returns inwards and credit to accounts receivables C. accounts receivable and credit to sales D. returns outwards and credit to accounts payable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A credit note is used as documentation in a business for journal entry that requires a debit to

Select one:

A. accounts receivable and credit to returns inwards

B. returns inwards and credit to accounts receivables

C. accounts receivable and credit to sales

D. returns outwards and credit to accounts payable

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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