Want this question answered?
debit to sales
debit cash; credit merchandise inventory
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
Debit accounts receivable / cash / bankCredit sales revenue
debit cash / bank / accounts payablecredit purchase return
debit to sales
debit cash; credit merchandise inventory
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
Debit accounts receivable / cash / bankCredit sales revenue
unique identifier
debit cash / bank / accounts payablecredit purchase return
debit accounts payablecredit supplies return account
A debit to Cash for $3,000.
unique identifier!!
I received letter of credit from my customer how i have to enter my entries
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory