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When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
When a buyer returns merchasndise purchased for cash the the buyer may record the transaction using the following entry?
When a buyer returns merchandise purchased for cash, the transaction can be recorded with a debit to the Accounts Payable or Purchases Returns and Allowances account and a credit to Cash. This reflects the decrease in cash due to the return of the merchandise. Additionally, if inventory was involved, the Inventory account may also be debited to reflect the return of goods.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
Does a purchase invoice list the total cost of merchandise?
Yes, a purchase invoice typically lists the total cost of merchandise. It includes itemized details such as the quantity, unit price, and any applicable taxes or discounts, culminating in the total amount due. This document serves as a record of the transaction for both the buyer and the seller.
What are the steps in processing business transactions?
The first step in processing a business transaction is to identify the transaction. Next, classify the transaction, record, and report the transaction.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
What is a purchase returns day book?
purchase return book it for the returns outwars.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
What transaction is found first on accounting record?
The "journal" is the first transaction found on the accounting record.
Is local deadlock involves one transaction that requires a record held by a second transaction at one site while the second transaction requires a record held by the first transaction at a differents?
yes
You record the debit entry for transaction a 5 1 in the journal as?
You record he credit entry for transaction (a) 5/1 in the journal as
A record in the accounting equation?
Transaction
What are the steps in processing business transactions?
The first step in processing a business transaction is to identify the transaction. Next, classify the transaction, record, and report the transaction.
Are income tax returns open record?
They are not public record.
What are the three columns in cash book?
Column one is used to record the sale of merchandise column two is used to record the return of merchandise column three is used to record the balance of cash in the cash book
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Is a transaction written proof?
Yes, a transaction is typically a written or digital record that provides proof of an exchange of goods, services, or funds between two parties. This record includes information such as the date, amount, and description of the transaction.
