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18 May, 16:35

Stear Corp. Purchases goods on credit for $2,000. It records this transaction in the journal. It then returns a quarter of these goods to the vendor because they were defective. How will the accountant record the transaction of returning the defective goods in the journal?

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  1. 18 May, 17:01
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    Journal entries:

    Explanation:

    For recording the purchase of goods of credit

    Inventory dr. 2000

    Accounts payable cr. in the name of the vendor 2000

    For recording the return of goods purchased

    Account payable dr. in the name of the vendor 2000

    Inventory cr 2000
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