Recording returns inwards Mikhail is the owner of a business supplying car accessories to local garages and

Question:

Recording returns inwards Mikhail is the owner of a business supplying car accessories to local garages and car dealers. During June 2014 credit customers returned goods that had been sold to them on credit.

Prepare the following accounting records to record these transactions:

• Returns inwards journal

• Trade receivable accounts in the sales ledger

• Returns inwards account in the general ledger.

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Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

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Question Posted: Sep 15, 2021 04:22 AM

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Recording returns inwards Mikhail is the owner of a business supplying car accessories to local garages and

Question:

Goods returned by Parsed note 454 Garages Ltd with a value of $220 June 11 Credit 13 Credit Goods returned by Beretta Car note 455 Dealers with a value of $507 24 Credit Goods retuned by Parsed Garages Ltd. These goods had been invoiced at $1 500 less note 456 a trade discount of 33%%

Step by Step Answer:

Returns Inwards Journal Date Credit Note Customer Amount Sales Invoice 11 454 220 13 455 Pa...View the full answer

Accounting For Cambridge International AS And A Level

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