Purchases and Purchases Returns
Illustrative Entry
| XX-XX-XX |
Purchases |
3,000 |
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| Accounts Payable |
3,000 |
|||
| Purchased inventory on account |
| XX-XX-XX |
Accounts Payable |
1,000 |
||
| Purchase Returns & Allowances |
1,000 |
|||
| To record the return of defective inventory to vendor |