Candy Rush returned 8 boxes of Fruit Drops that were originally sold for $280 each on 11 June. These items cost $184 each and were not faulty or damaged. Issued a Credit Note for $2,240.
Use Specialized Journal & Ledger.
What is the journal entry for this?
2011-09-07 10:00 am
回答 (2)
2011-09-07 2:42 pm
✔ 最佳答案
The sales entry would have been if sold on account:debit A/R 280
debit COGS 184
--- credit Sales 280
--- credit Inventory 184
For returns:
debit Returns and Allowances 280
debit Inventory 184
--- credit A/R 280
--- credit COGS 184
At year end Returns and Allowances will reduce Sales when you close your accounts.
2011-09-07 11:00 pm
By issuing a Credit Note, you are informing your customer that you have credited his account with $ 2240. It is sales returns. The entry therefore should be,
Debit Sales returns $ 2240
Credit Customer (Accounts receivable) $2240
A. Rajagopalan
Debit Sales returns $ 2240
Credit Customer (Accounts receivable) $2240
A. Rajagopalan
收錄日期: 2021-04-16 13:19:51
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