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The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. true or false
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Asked 6/11/2013 9:46:05 AM
Updated 1/15/2015 6:49:24 PM
1 Answer/Comment
Flagged by debnjerry [1/15/2015 6:48:21 PM]
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User: The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. true or false

Question
Asked 6/11/2013 9:46:05 AM
Updated 1/15/2015 6:49:24 PM
1 Answer/Comment
Flagged by debnjerry [1/15/2015 6:48:21 PM]
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The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. This is FALSE. The sales Returns and Allowances account is a contra-revenue account and is debited when merchandise is returned by a customer.
Added 1/15/2015 6:49:24 PM
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The consistency principle states that, in general, accountants should use the same accounting methods from one period to the next.
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Updated 3/9/2016 2:09:45 PM
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The consistency principle states that, in general, accountants should use the same accounting methods from one period to the next. TRUE.
Added 3/9/2016 1:56:43 PM
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Confirmed by jeifunk [3/9/2016 2:09:49 PM]
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