Journalizing Perpetual Inventory - Credits without purchase

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» Journalizing Perpetual Inventory - Credits without purchase

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Jan 17, 2008, 10:01 AM

sweetsforever

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Join Date: Jan 2008

Posts: 1

Journalizing Perpetual Inventory - Credits without purchase

Hi There,

I have the following situation:

I returned defective merchandise to the company, and I accepted a credit against further purchases. I did not owe this company any money at the time. The credit was for $396.00.
How do I journalize this entry? Do I wait until I receive the credit memo?

Thanks,

Sweets.

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