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    cute_panda05's Avatar
    cute_panda05 Posts: 37, Reputation: 1
    Junior Member
    		  
    #1

    May 21, 2012, 06:06 AM
    General journal entries
    Issued an adjustment(credit) note to hand Ltd for defective goods sold on 25 June, $125

    Dr sales
    CR Accounts receivable
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    May 21, 2012, 06:39 AM
    Your Debit will be to Sales Returns and Allowances

    You will also have one more journal entry to record on the sales return. You will need the cost of inventory being returned.

    Debit Inventory
    Credit Cost of Goods Sold
    cute_panda05's Avatar
    cute_panda05 Posts: 37, Reputation: 1
    Junior Member
    		  
    #3

    May 21, 2012, 04:49 PM
    Quote Originally Posted by pready View Post
    Your Debit will be to Sales Returns and Allowances

    You will also have one more journal entry to record on the sales return. You will need the cost of inventory being returned.

    Debit Inventory
    Credit Cost of Goods Sold
    Thanks! Could you help me with this transation: received an ajustment (credit) note from Love Ltd for inventory returned, $120

    IS IT DR Sales returns and allowance
    CR Accounts receivable
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #4

    May 22, 2012, 03:16 PM
    Your question has been answered in my previous post.

    You are correct.
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