PDA

View Full Version : Journalizing transactions?


lilianahagewood
Feb 5, 2011, 09:44 AM
Made refunds to cash customers for returned merchandise $149. The returned merchandise had cost $107.

pready
Feb 5, 2011, 10:17 AM
Debit Sales Returns & Allowances for $149
Credit Cash for $149
To record a reversal of a sale by a customer

Debit Merchandise Inventory for $107
Credit Cost of Goods Sold for $107
To record merchandise returned by a customer