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

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Question:

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

Answers

Answer:Debit: Accounts Payable  $ 5,000 Credit: Merchandise Inventory  $ 5,000Explanation: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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