BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Return inwards are
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goods returned to the supplier
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goods received from suppliers
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good sold to customers
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goods returned from customers
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Explanation:
Detailed explanation-1: -Returns inwards are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction: A debit (reduction) of accounts payable. A credit (reduction) of purchased inventory.
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