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How should a return of merchandise purchased on account be recorded?
Wiki User
∙ 11y ago
As a debit to the Accounts Payable account and a credit to the purchases returns and allowances account
Wiki User
∙ 11y ago
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In which journal is the return of supplies purchased on account recorded?
General Journal
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
What is the Journal entry on return of merchandise previously purchased on account?
The following journal entry is required to be passed on return of merchandise, previously purchased on account:Creditors A/c Dr.To Purchase Return A/c(Being goods returned to suppliers)For any more query, you can follow me at caravi1234.blogspot.in / FacebookCA. Ravi Chugh(FCA, Visiting faculty ICAI & Top Institutes of CA studies, IPCC-Accountancy)
What account is affected in an account journal when you return office supplies that was bought on account?
Say I purchsed $500 in Office Supplies on account, I return the office supplies, since I purchased them on account, the company I purchased them from will extend me a credit to my account decreasing the balance I owe them by the said amount. My books will record....Account Payable (debit)Office Supplies (credit)I debit my Account Payable to show that I no longer owe that amount and I credit my Office Supplies to show that I no longer have that amount of supplies on hand.
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
In which journal is the return of supplies purchased on account recorded?
General Journal
In a perpetual inventory system a return of defective merchandise by a purchaser is recorded by crediting what?
inventory
What is the Journal entry on return of merchandise previously purchased on account?
The following journal entry is required to be passed on return of merchandise, previously purchased on account:Creditors A/c Dr.To Purchase Return A/c(Being goods returned to suppliers)For any more query, you can follow me at caravi1234.blogspot.in / FacebookCA. Ravi Chugh(FCA, Visiting faculty ICAI & Top Institutes of CA studies, IPCC-Accountancy)
What is Gamestation UK's return policy for merchandise?
Gamestation has a 28 day on most stock items purchased online and for merchandise and books. TV and electronic equipment has only a 7 day return policy.
How do you return merchandise?
How do I return merchandise bought on line thru you cirque soeli
What does surplus merchandise?
to return the surplus merchandise to the supplier
What does merchandise mean?
your manager tells you to return the surplus merchandise to the supplier. You are returning the merchandise because:
What is the merchandise return law in Nevada?
Does nevada have a return policy on merchandise or is simply a corporation decision from store to store
What does surplus merchandise mean?
your manager tells you to return the surplus merchandise to the supplier. You are returning the merchandise because:
What account is affected in an account journal when you return office supplies that was bought on account?
Say I purchsed $500 in Office Supplies on account, I return the office supplies, since I purchased them on account, the company I purchased them from will extend me a credit to my account decreasing the balance I owe them by the said amount. My books will record....Account Payable (debit)Office Supplies (credit)I debit my Account Payable to show that I no longer owe that amount and I credit my Office Supplies to show that I no longer have that amount of supplies on hand.
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
What is RMA abbreviated for?
return merchandise authorization
