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December 26 *Received all the goods that Waren authorized Eastern Wisonsin University to return on EWU's return request No. R8034 for credit against their account balance. **Process and record the sales return now. December 26 * Receive check No. 49326 for $10,000 for Eastern Wisconsin University in partial payment of the remaining amount (after sales return) on charge invoice No. 729, and deposited the check. **Do not finalize a deposit slip until you determine whether there are no other cash receipts on the same day. After entering the partial payment for invoice #729 with check 49326, where else am I suppose to post to? With the check from EWU, would you post this in the Cash Disburstments Journal?
Answer:
No. When goods are returned, it is termed as sales return and when the check has been collected as partial payment, it is recorded in cash receipt journal and not in cash Disbursements Journal.
Step-by-step explanation:
When goods are returned, it is termed as sales return and when the check has been collected as partial payment, it is recorded in cash receipt journal and not in cash Disbursements Journal.
In cash disbursement journal, transactions are recorded as related to payments made while in cash Receipt Journal ,transactions are recorded when the money has been received.
