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If a company returns defective supplies that were purchased for by cash and receives cash refund is this transaction recorded in Cash Receipts Journal?
Wiki User
∙ 9y ago
Yes, the cash refund needs to be recorded in the cash receipts journal. Keeping records of the forms of payment will help keep things organized.
Wiki User
∙ 9y ago
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the Accounts Payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
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