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What is the Journal entry on return of merchandise previously purchased on account?
Wiki User
∙ 11y ago
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)
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CA. Ravi Chugh
(FCA, Visiting faculty ICAI & Top Institutes of CA studies, IPCC-Accountancy)
Wiki User
∙ 11y ago
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∙ 9y agoAdd your answer:
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When merchandise is purchased to resell to customer's it is recorded in the account entitled?
merchandise inventory
In which journal is the return of supplies purchased on account recorded?
General Journal
In the buyers records the purchase of merchandise on account would it increase or decrease assets expenses liabilities?
Anything bought on account will have an impact on two sides of the accounting equation. Since we "purchased" the merchandise we are receiving, therefore we will Increase our assets (merchandise), since we purchased this item on "account" we will also increase our liabilities (account payable).
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
When merchandise is purchased to resell to customer's it is recorded in the account entitled?
merchandise inventory
Purchased merchandise on account 12000 fob shipping point seller added 485 of prepaid freight charges to the invoice how to journalize in purchases journal?
[debit] Merchandise account 12000 [Debit] Freight in 485 [Credit Accounts payable / cash 12485
In which journal is the return of supplies purchased on account recorded?
General Journal
In the buyers records the purchase of merchandise on account would it increase or decrease assets expenses liabilities?
Anything bought on account will have an impact on two sides of the accounting equation. Since we "purchased" the merchandise we are receiving, therefore we will Increase our assets (merchandise), since we purchased this item on "account" we will also increase our liabilities (account payable).
Can you record transactions in 2 journals Example Can sale of merchandise for cash be put in the cash receipts journal and the sales journal?
A sale of merchandise for cash would be: Debit cash or bank account, Credit sales
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
What will be the journal entry for supplies purchased with a check?
Debit supplies accountCredit bank account
What is the journal entrie for purchase on account?
[Debit] Goods purchased [Credit] Accounts payable
Which Journal entry is used to record equipment purchased on account?
debit equipmentcredit accounts payable
What is the journal entry to book a machine purchased with shares?
debit machine accountcredit share capital account
What is the T account for Journal entry for Machinery purchased on cash?
find out the accounts involed in eash of the following cases Q:- machinery purchased for cash. Q:- furniture is purchased on cresit
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
