Question

record the transaction in the ledger(double entry) and write in the appropriate folio reference.. may 5...

record the transaction in the ledger(double entry) and write in the appropriate folio reference..

may 5 we return goods costing $3000 to D.SMith

May 2..J.James returned goods to us costing 5000

What Is really important is the information for the folio , I want to know what would be written in the folio for both account

Homework Answers

Answer #1

        Inventory Accounts

May 2 To cost of goods sold 5000 May 5 By Accounts payable 3000

  

      Cost of goods sold

May 2 By inventory $5000

     

Accounts payable

may 5 To inventory $3000      

Note:-   Adjusting entries are as follows:

Date Accounts title Dr Cr
May 2 Inventory 5000
To cost of goods sold 5000
[Being returned goods costing $5000]
may 5 Accounts payable $3000
To Inventory $3000
[Being return goods costing $3000 ]
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