Select the one term that best fits each definition
-A form prepared by the vendor showing the amount deducted for returns and allowances.
A) board of directors
B) credit memorandum
C) debit memorandum
D) declaring a dividend
E) dividends
F) general journal
G) purchases allowance
H) purchases return
I) retained earnings
J) sales allowance
K) sales return

Question

Quizplus · Accepted Answer

A credit memorandum is issued by a vendor to indicate the amount that has been credited to the purchaser's account due to returns or allowances, fitting the definition provided.

Select the One Term That Best Fits Each Definition