answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered 2014-11-19 23:56:18

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.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Still Have Questions?

Related Questions

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


Who is beneficiary of letter of credit?

supplier


What is the general journal entry for returned damaged supplies for a cash refund of 300.00?

[Debit] Cash 300 [Credit]Purchased returns 300


What entry is to be passed in credit note?

Debit Purchases and Credit Supplier.


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.


What happens to credit card upon death in regards to the heirs?

The credit card should be returned to the credit card company or destroyed and the company should be notified immediately of the death so the account can be closed.


If you paid a credit card bill online directly through your bank account and it was returned NSF by the bank will this affect your credit and how bad?

Not unless the account went uppaid and the bank sent it to a collection agent. Vote on our videos at www.wowifixedmycredit.com


What is the journal entry customer goods returned on credit?

debit goods returnedcredit accounts receivable


What is the journal entry of advance paid to supplier of goods?

debit advances to suppliercredit cash / bank


How do you set up a small business account with a supplier?

To set up a small business account with a supplier, you call them or write them to ask what they require. Many may have a form for you to complete. If you can fulfill their requirements, it is very likely that they will set up an account for you. If you have contacted a number of suppliers and find that you are lacking an essential requirement, then set about getting that requirement and contact them again when you have. Today, most small business will use a credit card account to buy from suppliers and in that case, you only need to fulfill the requirements of one credit application.


What kind of account for credit cards?

A credit account


Can you be prosecuted for a returned check for a credit account?

Yes--but it likely will never happen. It is much more likely that you will be sued for the debt in civil court.


What does it mean when a check returned for insufficient funds results in a return check credit posting to your bank account?

It means that the bank has not yet upgraded your account so in a couple of days check your account again and it should be fixed


A credit memorandum is prepared when?

goods that were sold on credit returned


Is bills receivable real account?

Bills receivable is a real account. When acceptance is received, Bills receivable account is debited (debit what comes in). When the bill is discounted or returned to acceptor at the time of maturity, Bills receivable account is credited (credit what goes out).


What is the difference between debit account and credit account?

There are two main differences that stand out between a Debit Account and a Credit Account, those are;A Debit Account always maintains a Debit Balance, meaning the account increases with a Debit to that account and decreases with a Credit to that account. These are generally Asset Accounts.A Credit Account is just the opposite, A Credit Account maintains a Credit Balance, meaning that the account increases with a Credit and decreases with a Debit, these accounts are usually used for Liabilities and Owners Equity (Stockholders Equity).


If an account has been charged for a transaction but the merchandise has since been returned within how many days of receipt of the bill should a credit be received?

45


What is a checking account at a credit union?

what is a chekcing account at a credit union


Still have questions?