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When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
Wiki User
∙ 10y ago
debit cash; credit merchandise inventory
Wiki User
∙ 10y ago
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When a buyer returns merchandise purchased for cash the buyer may record th transaction using?
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
Which of the following accounts has a normal credit balance.. a. Merchandise Inventory b. Delivery Expense c. Sales Returns and Allowances d. Sales?
d. sales
What account is debited when a company returns merchandise to a vendor on credit?
credit
When a buyer returns merchandise purchased for cash the buyer may record th transaction using?
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
When merchandise is returned under the perpetual inventory system the buyer would credit a. Accounts Payable b. Merchandise Inventory c. Purchases Returns and Allowances...?
The Buyer would likely perform the following transaction: DR- Account Receivable CR - Merchandise Inventory The Buyer would probably debit CASH if they receive CASH from the Seller instead of having to WAIT on it. The Merchandise Seller would perform the following transaction: DR - Merchandise Inventory CR - Accounts Payable, OR CASH
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
Which of the following accounts has a normal credit balance.. a. Merchandise Inventory b. Delivery Expense c. Sales Returns and Allowances d. Sales?
d. sales
What account is debited when a company returns merchandise to a vendor on credit?
credit
What is a sales returns journal?
Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
When merchandise that was sold is returned a credit to sales returns and allowances is made True or False?
true
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
What is a purchase returns day book?
purchase return book it for the returns outwars.
For the fiscal year sales were 4125800 sales discounts were 380000 sales returns and allowances were 186750 and the cost of merchandise was 2475500 What was the amount of net sales gross profit?
Sales 4125800 Less: sales discounts 380000 Returns and allowances 186750 Net discount and returns 566750 Cost of merchandise 2475500 Gross profit 1083550
Are the any places you can buy returns and salvage merchandise and resale it on EBay?
I buy my merchandise from a company called Jacobs Trading Company, They have shipping locations all over the United States.
