ACC 291T Wk 1 Discussion - Credit Memos | eBooks | Education

ACC 291T Wk 1 Discussion - Credit Memos

ACC 291T Wk 1 Discussion - Credit Memos PLDZ-16030
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ACC 291T Wk 1 Discussion - Credit Memos

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. 

Due Day 3

Credit memos are created when a product is returned. Credit memos reduce accounts receivable (A/R) by crediting the account, and it writes off the invoice. This also records a debit to the Sales Returns and Allowances account. 

You have noticed that the A/R clerk has created an abnormally high number of credit memos. You also notice the inventory does not reflect the additional inventory resulting from the sales returns.

Respond to the following in a minimum of 175 words: 

  • What would you do, and how would you document your decision? 

Due Day 7

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

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