The Purchase Returns and Allowances Journal is a special journal that is used to record the returns and allowances of merchandise purchased on account.
Steps in journalising Rturns Outwards
The following Returns Outwards transactions are Journalised below:
July 9 Goods returned to Karnot Webb $40
July 14 Returned goods to Harlot Mcqueen $50
July 31 Returns Outwards to Clement Rhoden $60