Accountancy, asked by abijithkabi, 1 year ago

Journal entry for purchase return

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Answered by chikki52

2

Answer:

When merchandise purchased for cash are returned to supplier, we need to record two journal entries. In first entry we debit accounts receivable account and credit purchases returns and allowances account. ... This entry is made when a refund is received from supplier for merchandise returned to him.

Answered by gudly30

0

Answer:

When merchandise purchased for cash are returned to supplier, we need to record two journal entries. In first entry we debit accounts receivable account and credit purchases returns and allowances account. ... This entry is made when a refund is received from supplier for merchandise returned to him.

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