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  3. as a result of which of the following transactions

As a result of which of the following transactions will assets and liabilities decrease? Multiple...

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Question

Accounting

As a result of which of the following transactions will assets and liabilities decrease?
Multiple Choice
Sales return of $500 merchandise from a customer that was sold on account.
Purchase return of $500 merchandise that was purchased on account.
Paying for the shipment of inventory with hipping terms FOB shipping point.
Issuing a gift card back to a customer for a sales return of $500 merchandise.
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