On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440

On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440

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Description: On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in theamount of $440. What is the journal entry to record this transaction?Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440Debit Accou

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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