1.) A Credit memo is a note from a seller indicating its intent to credit a customer’s accounts receivable. Select one: True False 2.) In a period of rising prices, the FIFO method of costing inventory results in income tax savings for companies. Select one: True False 3.) A debit memo represents a decrease to accounts payable and therefore results in less money owed to the seller. Select one: True False
1.) A Credit memo is a note from a seller indicating its intent to credit a customer’s accounts receivable. Select one: True False 2.) In a period of rising prices, the FIFO method of costing inventory results in income tax savings for companies. Select one: True False 3.) A debit memo represents a decrease to accounts payable and therefore results in less money owed to the seller. Select one: True False
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...
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1.) A Credit memo is a note from a seller indicating its intent to credit a customer’s accounts receivable.
Select one:
True
False
2.) In a period of rising prices, the FIFO method of costing inventory results in income tax savings for companies.
Select one:
True
False
3.) A debit memo represents a decrease to accounts payable and therefore results in less money owed to the seller.
Select one:
True
False
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