Journal entry for purchase return
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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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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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