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19 September, 07:29

returned unsatisfactory merchandise to Prestigious Bakery for $5,000 receiving a credit note for these goods.

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  1. 19 September, 08:28
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    Debit: Accounts Payable $ 5,000

    Credit: Merchandise Inventory $ 5,000

    Explanation:

    Credit note:

    A credit note is a document issued by the supplier, when:

    Supplies are returned or found to be deficient by the recipient - When goods supplied are returned by the recipient or goods/services supplied are found to be deficient by the recipient, the supplier should issue a Credit Note. The credit note serves the purpose of reducing the value of the original supply.

    Preparing journal entries with respect the given situation.

    Debit: Accounts Payable $ 5,000

    Credit: Merchandise Inventory $ 5,000
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