Hi. What will be the journal entry for this transaction: Discovered some of the supplies were...

Hi. What will be the journal entry for this transaction: Discovered some of the supplies were not as ordered and returned them in full credit, P300...?? it's from the book Principle of Accounting Belverd E. Needles, chapter 2, P5.

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Expert Solution

First the journal entry for transaction for purchasing supplies on credit will be

General Voucher
Date	Account title and Explanation	Post. Ref.	Debit ($)	Credit ($)
	Supplies		380
	Accounts payable			380
	( To purchase of supplies on credit )

Now it was found that some supplies were not as ordered and returned them in full credit for $80

In this case the journal entry passed will be of purchase return as shown below

General Voucher
Date	Account title and Explanation	Post. Ref.	Debit ($)	Credit ($)
	Accounts Payable		80
	Supplies			80
	( To return of supplies to customers as it was not ordered )

ekkarill92 answered 8 months ago

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