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Accounting and Journal Entry for Purchase Returns (With Example)

Accounting and Journal Entry for Purchase Returns (With Example)

Journal entry for purchase returns or return outwards is "Debit - Creditor's A/c" and "Credit - To Purchase Returns A/c"..

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SOLVED: Merchandise with a sales price of 5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a debit to Customer Refunds Payable for100, a debit to Cash for 5,000, a credit to Sales for4,900, and a debit to Accounts Receivable for 4,880.

SOLVED: Merchandise with a sales price of 5,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a debit to Customer Refunds Payable for100, a debit to Cash for 5,000, a credit to Sales for4,900, and a debit to Accounts Receivable for 4,880.

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Accounting and Journal Entry for Sales Returns (With Example)

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