Refunds for merchandise that is returned by a customer are called:
A)Credit memos.
B)Purchases on account.
C)Sales on accounts.
D)Accounts payable transactions.
E)All of these.

Name: Refunds for merchandise that is returned by a customer are called: A)Credit memos. B)Purchases on account. C)Sales on accounts. D)Accounts payable transactions. E)All of these.
Brand: Quizplus
Rating: 4.7 (42 reviews)

Question

Quizplus · Accepted Answer

Credit memos are issued to a customer when merchandise is returned, indicating that the customer's account has been credited for the return.

Refunds for Merchandise That Is Returned by a Customer Are