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An asset is debited and an asset is credited. An expense is debited and a liability is credited.
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An expense is debited and a liability is credited.

20Merchandise being returned to suppliers are also termed as returns outwards. An expense is debited and a liability is credited. An asset is debited and a liability is credited. An asset is debited and a liability is credited. None of these are correct. Journal entry to record the collection of accounts receivable previously written-off.
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Procurement Process Procurement Management Procurement An asset is debited and an asset is credited.
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