Question

Stear Corp. Purchases goods on credit for $2,000. It records this transaction in the journal. It then returns a quarter of these goods to the vendor because they were defective. How will the accountant record the transaction of returning the defective goods in the journal?

Answer 1

Answer:

Journal entries:

Explanation:

For recording the purchase of goods of credit

Inventory dr. 2000

Accounts payable cr. in the name of the vendor 2000

For recording the return of goods purchased

Account payable dr. in the name of the vendor 2000

Inventory cr 2000