The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
[Debit] Purchase Return [Credit] Purchases
debit accounts payablecredit purchase returns
debit accounts payablecredit supplies return account
Debit USD purchasedCredit cash /bank
The accounting journal entry to record the purchase price of a business is debit. The debit will decrease the assets reflecting the purchase price.
[Debit] Purchase Return [Credit] Purchases
debit accounts payablecredit purchase returns
debit accounts payablecredit supplies return account
Debit leads purchasesCredit cash / bank
Debit USD purchasedCredit cash /bank
debit treasury stockcredit bank / cash
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
A journal records what you're findings are
You record he credit entry for transaction (a) 5/1 in the journal as
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
[Debit] Purchases [Credit] Cash / bank / accounts payable