Explain the steps needed to process a credit memo in the sales return system

The objective is to reverse the effects of the original sales transaction. The billing department records an entry into the sales returns and allowance or sales journal and inventory control debits the inventory records to reflect the return of goods. The AR clerk credits the customer account in the AR subsidiary ledger.

Business

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Reactive change is planned.

a. true b. false

Business

Using the rule of 72, how long will it take $1,000 to double if you earn 6% interest per year?

A) 7.2 years B) 12 years C) 10 years D) 6 years E) Cannot calculate with information provided.

Business