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JP Supermarkets bought $2,840 worth of groceries on account from a produce supplier on November 7, 2019. On November 8, JP's bookkeeper was informed that
JP Supermarkets bought $2,840 worth of groceries on account from a produce supplier on November 7, 2019. On November 8, JP's bookkeeper was informed that $300 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system.
Prepare the journal entry for JP Supermarkets on November 8.
Date | Account Title and Explanation | Debit | Credit |
2019 | |||
Nov 8 | Answer | ||
Answer | |||
Record the purchase return | |||
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