Do Now. What would be the journal entry for a seller who has merchandise returned to them? What accounts would this affect? Would these accounts be debited or credited? Why?. 10-3: Recording Transactions Using a General Journal.
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March 11. Granted credit to Village Crafts for merchandise returned, $58.50,
plus sales tax, $3.51, from S150; total, $62.01, Credit Memorandum # 41