Recording returns inwards Mikhail is the owner of a business supplying car accessories to local garages and car dealers. During June 2014 credit customers returned goods that had been sold to them on credit.

Prepare the following accounting records to record these transactions:

• Returns inwards journal

• Trade receivable accounts in the sales ledger

• Returns inwards account in the general ledger.

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Goods returned by Parsed note 454 Garages Ltd with a value of $220 June 11 Credit 13 Credit Goods returned by Beretta Car note 455 Dealers with a value of $507 24 Credit Goods retuned by Parsed Garages Ltd. These goods had been invoiced at $1 500 less note 456 a trade discount of 33%%