J. Smith purchases merchandise from Hi-View Industries for 25,250 on account. Upon inspection of the merchandise received, J. Smith discovers damaged goods in the amount of 1,000 and requests to return the damaged merchandise to Hi-View Industries. What source document would Hi-View industries use for the journal entry to process this return?
a. Debit Memorandum
b. Credit Memorandum
c. Purchase Memorandum
d. Return Memorandum
Question 2
General purpose external financial reports for state and local government entities should include
a. Government-wide financial statements
b. Management's discussion and analysis.
c. Fund financial statements.
d. Note disclosures.
e. All of the above should be included in general purpose external financial reports.
f. Items a and c only.
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