When merchandise is returned for a refund or for credit to be applied to other purchases, the situation is called a(n)

1 answer:

4 0

The situation when a merchandise is returned for a refund or for credit to be applied to other purchases is called Purchase return inwards.

<h3>Return inwards</h3>

A purchase return as the name implies occurs when the buyer of a merchandise, services, inventory, fixed assets, or other items sends these goods back to the seller.

These purchase returns when excessive can interfere with the profitability of a business, so they should be closely monitored.

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Answer:

Purchased items or extracted materials that will be transformed into components or products are called (A) Raw materials inventory

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ADJUSTED BOOK BALANCE

Bank balance $59,549 Book balance $61,709

+ Deposit in transit $4,250 Interest earned $33

- Outstanding checks $2,075 Bank service fees $18

Adjusted book $61,724 $61,724

balance

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