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Returned damaged goods to supplier- what debit and credit account?
Wiki User
∙ 9y ago
When you have returned damaged goods then you will need to credit accounts receivable and debit Accounts Payable. This will decrease your revenue for the account.
Wiki User
∙ 9y ago
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If some goods from a purchase are damaged upon receipt and returned to the supplier the ap department should receive?
an invoice and credit memo
Does credit from supplier decrease account payable account?
No, it increases the liability account.
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
What is different between credit meno and debit memo?
The primary difference between credit and debit memo is where it originates. Credit memo is raised by a supplier to a consumer when goods are returned, while debit memo is raised by a consumer towards the supplier.
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
When does a debtors account have a credit balance?
goods in transit a debtor(customer) could also be a supplier(creditor)
What do parentheses mean in a account balance?
That means that you have a credit on your account. So you don't have to pay anything to the credit card company because you paid too much, or you got a credit for something returned.
What does you have a credit on your account mean?
It means you owe the supplier "service provider" money.probably it happens when you mistakenly make a double payment.
What is the journal for prepayment?
First debit prepayment account then credit cash/bank or supplier account.( Total prepayment amount) Second Debit relevant expenditure account by the portion its reflected to generate the revenue and credit same to the Prepayment Account Thanks Prasanna MMM Colombo
What is the general journal entry for returned damaged supplies for a cash refund of 300.00?
[Debit] Cash 300 [Credit]Purchased returns 300
Can a business force you to accept a credit to your credit card for a returned purchase that you did not make on a credit card?
No. I don't see how that could be possible. CCC's will only credit an account for a purchase that has been made on that account. I don't understand how or why a business would think they could make that type of transaction.
Who is beneficiary of letter of credit?
supplier
