Accounting · Accounting Entries
What accounting entries are required to record goods returned inwards if the original transaction was made on credit?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Debit Trade receivables, and Credit Returns inwards
- 2Debit Returns inwards, and Credit Trade receivables✓
- 3Debit Returns inwards, and Credit Trade payables
- 4Debit Sales revenue, and Credit Trade payables
Correct answer
Debit Returns inwards, and Credit Trade receivables
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