Question

On june​ 1, nicholson company purchased inventory on account with a cost of. Credit terms were​ 2/10, net 30. On june​ 2, nicholson company returned percent of the inventory. Nicholson company uses the perpetual inventory system. What journal entry did nicholson company prepare on june​ 2?.

Answer 1

The Journal entry which Nicholson company will prepare on June​ 2 will be like when goods are returned the reverse entry is made which is

Accounts Payable A/c                                      Dr.       $480

Purchase Return / Inventory  A/c                     Cr.       $480

A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.

Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.

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