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jherbst1625
May 15, 2013, 07:10 PM
Accounting, need do know the journal entry for a customer return of item?

pready
May 19, 2013, 10:02 AM
Your Debits will be to inventory for the cost of the inventory and to Sales Revenue for the amount of sale price of the inventory. Your Credits will be to COGS for the cost of the inventory and Cash(if returning cash to customer) or to Accounts Receivable (if inventory was purchased on account) for the sale price of the inventory.