Returned merchandise to Starcraft Industries, $560. 15 Returned merchandise to XYZ, Inc., $400. 27 Returned merchandise to Datamagic, $900.

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nyree23 nyree23

22-05-2022
Mathematics

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Returned merchandise to Starcraft Industries, $560. 15 Returned merchandise to XYZ, Inc., $400. 27 Returned merchandise to Datamagic, $900.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-05-24T12:47:55+02:00

The appropriate journal entries to record the transactions are: Debit Accounts Payable/Starcraft Industries $560; Credit Purchases Returns and Allowances $560.

Journal entries

Jul. 7

Debit Accounts Payable/Starcraft Industries $560

Credit Purchases Returns and Allowances $560

Jul. 15

Debit Accounts Payable/ XYZ, Inc. $400

Credit Purchases returns and allowances $400

Jul 27

Debit Accounts Payable/ Datamagic $900

Credit Purchases returns and allowances $900

Therefore the entries to record the transactions are: Debit Accounts Payable/Starcraft Industries $560; Credit Purchases Returns and Allowances $560.

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