Returning part of a purchase on account

Transaction

A store bought 60 lamps on account at $45.00 each and recorded the purchase. 8 of them are the wrong model, so it sends them back, and the supplier issues a credit memo for them. The invoice has not been paid yet.

Assumptions: Perpetual inventory: each sale also records its cost of goods sold.

Accounts

Tap an account, then choose Debit or Credit and type the amount. × removes a line.

Debit

No lines yet. Choose an account above.

Credit

No lines yet. Choose an account above.

Debits $0.00Credits $0.00