Which of the following information is recorded in the ret...
Which of the following information is recorded in the returns outwards book?
Goods purchased on credit and susequently returned to suppliers
Fixed asset bought on credit and subsequently returned to supplier
Cash payment received from a customer and subsequently returned to supplier
Goods sold to a customer and subsequently returned to the business
Correct answer is A
Returns outwards are goods returned by the customer or business to the supplier. For the supplier, this results in the following accounting transaction: A debit (reduction) in revenue in the amount credited back to the customer.
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