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Junior Member
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May 20, 2012, 04:18 PM
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Journal entries
Received an ajustment (credit) note from Love Ltd for inventory returned, $120
Will it be DR cash at bank
CR accounts receivable
Arghh please help
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Ultra Member
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May 20, 2012, 05:11 PM
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Debit Cash or Accounts Payable (it depends on how the purchase was recorded)
Credit Merchandise Inventory
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Ultra Member
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May 20, 2012, 05:13 PM
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 Originally Posted by cute_panda05
Received an ajustment (credit) note from Love Ltd for inventory returned, $120
will it be DR cash at bank
CR accounts receivable
arghh please help
The bank account is not yet involved
DR Accounts Payable
CR Inventory
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Junior Member
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May 20, 2012, 06:22 PM
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Originally Posted by pready
Debit Cash or Accounts Payable (it depends on how the purchase was recorded)
Credit Merchandise Inventory
Will this entry go to the cash receipts journal??
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Ultra Member
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May 20, 2012, 07:25 PM
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Originally Posted by cute_panda05
will this entry go to the cash receipts journal???
A cash receipts journal is used to record deposits to the bank account I have already told you the bank account is not involved If you have a purchases journal it might go in there otherwise you can make an adjusting entry in the general journal
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Junior Member
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May 20, 2012, 11:04 PM
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Sorry can you explain to me why it would go to a purchases journal?
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Ultra Member
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May 20, 2012, 11:25 PM
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Originally Posted by cute_panda05
sorry can you explain to me why it would go to a purchases journal?
Received an ajustment (credit) note from Love Ltd for inventory returned, $120
As I read your question the company had received a credit note for return of something they had purchased therefore it can be managed as a negative entry in the purchase journal
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Junior Member
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May 21, 2012, 01:54 AM
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Originally Posted by paraclete
as I read your question the company had recieved a credit note for return of something they had purchased therefore it can be managed as a negative entry in the purchase journal
Thankssss... could you please help me with this : issued an adjustment(credit) note to hand Ltd for defective goods sold on 25 June, $125
I'm assuming this will go to the general journal?
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Ultra Member
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May 21, 2012, 08:02 PM
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Originally Posted by cute_panda05
thankssss.... could you please help me with this : issued an adjustment(credit) note to hand Ltd for defective goods sold on 25 June, $125
i'm assuming this will go to the general journal?
Seems like a possible sales journal entry
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