What journal entry would I make for this transaction... Kansas Co issued a $175 credit memorandum to Adams Co for defective merchandise sold and returned for credit.
setoccia
Dec 2, 2008, 05:12 PM
Accounts Payable Cr. 175.00
Kansas Dr. 175.00
DFK
Dec 3, 2008, 08:41 AM
DR. Accounts Payable
CR. Expense
pready
Dec 21, 2008, 09:15 PM
Debit Sales Returns and Allowances for the amount
Credit Accounts Receivable for the amount.