General Journal
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.
debit cash / bank / accounts payablecredit purchase return
Debit account
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
General Journal
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.
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
[Debit] Sales Return account [Credit] Cash account
debit cash / bank / accounts payablecredit purchase return
Debit account
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
debit sales accountcredit sales return account
[Debit] Bank Loan account xxxx [credit] Cash / bank xxxx
The accounting journal entries to record a security deposit should be a separate entry titled security deposit. You should include the tenants name, and it should be considered a liability since you will have to return it at some point.
[Debit] sales return [credit] cash / bank
average return on a checking account is about 0.1