1 / 4

Understanding Purchase Returns and Discounts on Invoices

This document outlines the process of handling purchase returns and applying discounts on invoices. It includes examples such as processing a return with a debit memorandum, calculating the purchase invoice amount after return, and determining the total amount due after applying a 2% discount. Detailed entries for transactions with Office Max, Best Buy, and Denver Supply illustrate the application of these concepts in real scenarios, along with calculations for cash payments on account.

truong
Télécharger la présentation

Understanding Purchase Returns and Discounts on Invoices

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Original Purchase Invoice Amount (P336) Purchases Return (DM22) Purchase Invoice Amount After Return Amount owed on invoice: – = – = $________ ________ $_________ Purchase Invoice Amount After Return Purchases Discount Rate Purchases Discount Purchases discount: × = × = $__________ 2% $_________ Amount due after purchases discount: Purchase Invoice Amount After Return Purchases Discount Total Amount Due – = – = $_________ $________ $_________ TAKING A DISCOUNT AFTER A PURCHASE RETURN June 9. Paid cash on account to Office Max, $796.25, covering Purchase Invoice No. 336 for video equipment for $900.00, less Debit Memorandum No. 22 for $87.50, and less 2% discount. Check No. 316. LESSON 1-3

  2. Original Purchase Invoice Amount (P390) Purchases Return (DM26) Purchase Invoice Amount After Return Amount owed on invoice: – = – = $________ ________ $_________ Purchase Invoice Amount After Return Purchases Discount Rate Purchases Discount Purchases discount: × = × = $__________ 2% $_________ Amount due after purchases discount: Purchase Invoice Amount After Return Purchases Discount Total Amount Due – = – = $_________ $________ $_________ TAKING A DISCOUNT AFTER A PURCHASE RETURN June 15.Paid cash on account to Best Buy, $412.58, covering Purchase Invoice No. 390 for audio equipment for $457.00, less Debit Memorandum No. 26 for $36.00, and less 2% discount. Check No. 325 LESSON 1-3

  3. Original Purchase Invoice Amount (P410) Purchases Return (DM30) Purchase Invoice Amount After Return Amount owed on invoice: – = – = $________ ________ $_________ Purchase Invoice Amount After Return Purchases Discount Rate Purchases Discount Purchases discount: × = × = $__________ 2% $_________ Amount due after purchases discount: Purchase Invoice Amount After Return Purchases Discount Total Amount Due – = – = $_________ $________ $_________ TAKING A DISCOUNT AFTER A PURCHASE RETURN June 23.Calculate the amount of cash paid on account to Denver Supply for Purchase Invoice 410, $800.00. Less Debit Memo 30 for $89.00, and less 2% discount. Check No. 332 LESSON 1-3

  4. Original Purchase Invoice Amount (P415) Purchases Return (?) Purchase Invoice Amount After Return Amount owed on invoice: – = – = $________ ________ $_________ Purchase Invoice Amount After Return Purchases Discount Rate Purchases Discount Purchases discount: × = × = $__________ 2% $_________ Amount due after purchases discount: Purchase Invoice Amount After Return Purchases Discount Total Amount Due – = – = $_________ $________ $_________ TAKING A DISCOUNT AFTER A PURCHASE RETURN June 25.Calculate the amount of cash paid on account to Tom’s General Supply for Purchase Invoice 415, $580.00, less 2% discount. Check No. 338 LESSON 1-3

More Related