Credit Memo Question

babebutterfly · #1 Apr 26, 2006, 08:14 PM

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Do I make a return on this in the general journal? Like debit account payable and and credit merchandise inventory?

CaptainForest · Apr 27, 2006, 11:39 AM

Yeah.

Since you are returning the inventory.

Another option would be to credit Purchase Returns and Allowances, if you have such an account.

Debit AP



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