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CBAD 201 Chapter 4 Review
Terms in this set (3)
What is the financial impact on a company when a customer returns a product for a refund?
Sales revenue will not be impacted because the company has already accrued for estimated refunds and returns.
Duncan Corporation began 2018 with a balance in Accounts Receivable of $500,000. Service revenue, all onaccount, for the year totaled $2,600,000.The company ended the year with a balance in Accounts Receivable of $700,000. Duncan's bad-debt write-offs are nonexistent. How much cash did the company collect from customers in
Which of the following statements is true?
Credit sales increase receivables.
Write-offs of accounts decrease receivables.
Collections on account decrease receivables.
All of these statements are true.
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CBAD CHAPTER 9
ch8 cbad 120