Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 42 - No. 38)
A business wants to record the return of faulty goods purchased on credit. Which is the correct process?
Record a credit note in the Purchases Returns Journal
Record a debit note in the Purchases Returns Journal.
Record a credit note in the Sales Journal.
Record a debit note in the Sales Journal.
Explanation
The Purchases Returns Journal and the credit note are used to record the return of goods.
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