[amp_mcq option1=”Purchases” option2=”Sales” option3=”Purchase return” option4=”Sales return” correct=”option4″]<\/p>\n
The correct answer is: D. Sales return<\/strong>.<\/p>\n A credit note is a document issued by a seller to a buyer to acknowledge the return of goods or a reduction in the amount owed for goods. It is used to record a decrease in the buyer’s account balance.<\/p>\n A purchase is the act of acquiring goods or services from a supplier. It is recorded in the buyer’s accounting system as a debit to the purchases account and a credit to the accounts payable account.<\/p>\n A sale is the act of selling goods or services to a customer. It is recorded in the seller’s accounting system as a debit to the accounts receivable account and a credit to the sales account.<\/p>\n A purchase return is the act of returning goods to a supplier after they have been purchased. It is recorded in the buyer’s accounting system as a debit to the accounts payable account and a credit to the purchases returns and allowances account.<\/p>\n A sales return is the act of returning goods to a customer after they have been sold. It is recorded in the seller’s accounting system as a debit to the sales returns and allowances account and a credit to the accounts receivable account.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Purchases” option2=”Sales” option3=”Purchase return” option4=”Sales return” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671],"tags":[],"class_list":["post-15655","post","type-post","status-publish","format-standard","hentry","category-tally","no-featured-image-padding"],"yoast_head":"\n