ACC 291T Week 1 Discussion Answer
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.
Respond to the following in a minimum of 175 words (replies also need to be a minimum of 175 words each):
Respond to the following:
Credit memos are created when a product is returned. Credit memos reduce A/R (accounts receivable) 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 and allowances. What would you do, and how would you document your decision?
Reply to at least 2 of your classmates (replies also need to be a minimum of 175 words each). Be constructive and professional in your responses. ACC 291T Week 1 Discussion Answer
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