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Accounting Question Help Please?
I would like to know how I should journalize this entry:
Credit invoice received from Sam's Trailors for a 10% price adjustment on
invoice #515, $1910
Please tell me what to debit/credit....purchase discounts, or purchase returns.
THANKS
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Answer / sajjad1
Dear you have to Pass this entry
Sam Trailer A/C 191 (dr)
Dicount on Purchse A/C 191 (Cr)
Dear there is no P/R its for asjustemt entry
If u cr the purchase Return then the closing stock will be
distrub.
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