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You would debit either sales returned or directly to sales deppendibg on the company procedure. You would then credit either the customer account in accounts receivable or bank if it was a cash transaction.
Deppendibg on whether you are going to record the stock movement as well you should debit stock and credit cost of goods sold (this should be at the lower of cost or selling price).
What else can I help you with?
What is the journal entry for purchase return goods on credit?
debit accounts payablecredit purchase returns
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
What is the Journal entry for goods returned from customer?
When goods are returned from a customer, the journal entry typically involves debiting the Sales Returns and Allowances account to reflect the decrease in sales revenue and crediting the Accounts Receivable or Cash account, depending on how the original sale was recorded. For example, if the return involves a credit to the customer's account, the entry would be: Debit: Sales Returns and Allowances Credit: Accounts Receivable This entry effectively reverses the sale and acknowledges the return of goods.
Purchase return Accounting?
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What is the journal entry for purchase return goods on credit?
debit accounts payablecredit purchase returns
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
What is the Journal entry for goods returned from customer?
When goods are returned from a customer, the journal entry typically involves debiting the Sales Returns and Allowances account to reflect the decrease in sales revenue and crediting the Accounts Receivable or Cash account, depending on how the original sale was recorded. For example, if the return involves a credit to the customer's account, the entry would be: Debit: Sales Returns and Allowances Credit: Accounts Receivable This entry effectively reverses the sale and acknowledges the return of goods.
Purchase return Accounting?
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
What is journal entry for when goods are received?
debit goods / inventorycredit accounts payable
What is journal entry for purshase of goods?
Debit goods purchasesCredit cash / bank
What is the journal entry for goods received?
Debit goods receivedCredit accounts payable
Journal entry for returned goods by customer?
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
What is the journal entry customer goods returned on credit?
debit goods returnedcredit accounts receivable
What is the journal entry if goods received but invoice is not received?
i received goods but not invoice so i have not actually paid for my goods? help
What is the journal entry for goods lost by fire?
Abnormal loss of goods a/c dr. To purchases a/c
