The total of the returns outwards journal is posted to th...
The total of the returns outwards journal is posted to the
Credit side of the returns outwards book
Debit side of the returns outwards account
Debit side of the purchases returns book
Credit side of the returns outwards account
Correct answer is D
When merchandise (goods) purchased for cash are returned to supplier, we need to record two journal entries. In first entry we debit accounts receivable account and credit purchases returns and allowances account. This entry is made to recognize the return of merchandise. In second entry we debit cash account and credit accounts receivable account. This entry is made when a refund is received from supplier for merchandise returned to him
Which of the following is found on the credit side of a partnership's appropriation of profit ac...
Use the following information to answer the given question \(\begin{array}{c|c} & DR & CR...
What is the figure for purchases? ...
When expenses are paid on behalf of the venture, the accounting entries is to debit ...
Profit expressed as a proportion of cost price is known as ...
A fixed amount of money set aside for petty expenses is ...
Provision for depreciation on office furniture is charged to ...
Use the following information to answer the given question \(\begin{array}{c|c}year &am...