Entry On the Buyer Side;
Dr. A/P (rebated amount)
CR. Puchase Disc
Is this the right entry?
debit accounts payablecredit purchase returns
Debit purchasesCredit cash / bank
Debit purchases / goods accountCredit Accounts payable
[Debit] purchased goods 15000 [Credit] cash 15000
debit accounts payable/ cashcredit purchase returns
debit accounts payablecredit purchase returns
Debit purchasesCredit cash / bank
[Debit] Purchases xxxx [Credit] Cash / bank / goods xxxx
Debit purchases / goods accountCredit Accounts payable
[Debit] purchased goods 15000 [Credit] cash 15000
debit accounts payable/ cashcredit purchase returns
debit goodscredit cashtax credit has nothing to do with actual purchase of goods.
[Debit] Purchases xxxx [Credit] Cash/Bank/Accounts payable xxxx
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
cash purchase of goods: inventory (Debit) increased Cash in Hand (Credit) decreased with amount of total cost of Goods purchased
debit goods purchased (at trade discount amount)credit cash / bank / accounts payable
The journal entry is the accounting entry which lists the goods that are bought on credit.