what is merchandise returns a return is when a
What is Merchandise returns
A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reduction on items because of some damage or defective goods.
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explain about the recording purchasessource document for recording a purchase of merchandise is purchase invoiceo an instance of a transaction of
explain in brief about the purchases account keeps a record of cost of merchandise purchased for resale during an accounting periodassets are
what is uses of purchases journal purchases journal special journal used to record only credit purchases of merchandise-may be only one column which
accounts payable subsidiary ledgeraccounts are designed to show balance owed to every creditor liability accounts generally have credit balances
what is merchandise returns a return is when a customer returns to the seller part or all items purchased an allowance occurs when seller grants a
state the term- purchases returns and allowancespurchases returns and allowances is the name of the account which provides better control of
determine about the debit memoranduma debit memorandum is the buyers written request to seller for credit individual account is debited to reduce the
state about the cash payments journala special journal used to record any payment of cash there would be a check number given to be recorded in
benefits of purchases discountspurchases discounts account is used to record discounts given for prompt paymentto prove accounts payable ledger you
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