Accounting for IGCSE & O level - Accounting Procedures (Section 5 - No. 2)
What is the impact on the ledger entries if a customer refunds the company for the trade-in of an asset?
Impact debit balance (asset) on the account to increase.
Impact debit balance (asset) on the account to decrease.
Impact credit balance (asset) on the account to increase.
Impact credit balance (asset) on the account to decrease.
Explanation
As the asset is returned to the company, the debit balance (asset) decreases.
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