Question
On July 7, 2019, Quikk-Mart received a shipment of T-shirts from Promo Novelties for an event. The invoice amounted to $8,090 and was recorded in
On July 7, 2019, Quikk-Mart received a shipment of T-shirts from Promo Novelties for an event. The invoice amounted to $8,090 and was recorded in the accounting system as an amount owing. Soon after the delivery was made, the marketing manager discovered that the logo was printed incorrectly. The goods were returned to Promo Novelties on July 20. The company uses a perpetual inventory system
Prepare the journal entry to record the return for Quikk-Mart on July 20.
| Date | Account Title and Explanation | Debit | Credit |
| 2019 | |||
| Jul 20 | Answer | ||
| Answer | |||
| Record the purchase return | |||
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Financial Accounting Principles And Issues
Authors: Michael H. Granof, Philip W. Bell
4th Edition
013321852X, 978-0133218527
