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cash book, petty cash book, returns inwards journal, returns outwards journal, yes
debit cash / bank / accounts payablecredit purchase return
debit accounts payablecredit supplies return account
yes
sales
cash book, petty cash book, returns inwards journal, returns outwards journal, yes
debit cash / bank / accounts payablecredit purchase return
debit accounts payablecredit supplies return account
yes
Returns inwards day book is the original record of returns made by customers in any given day. Quite often this is kept as a journal or ledger. When calculating daily profit, this total figure must be considered and inventory adjusted.
sales
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
Debit carriage inwardCredit cash
Returns inwards day book is the original record of returns made by customers in any given day. Quite often this is kept as a journal or ledger. When calculating daily profit, this total figure must be considered and inventory adjusted.
Debit
Return Inwards in accounting means SALES that was returned in your business by your customers maybe because there's something wrong or the customer is not satisfied with the product. SALES is your revenue and is credit in nature. RETURN INWARDS / SALES RETURN is the opposite of SALES, therefore, it's an expense and is debit in nature.
Record-Journal was created in 1867.