Recording Departmental Purchase Returns & Cash Payments

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

In which account are goods that are returned recorded?

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1. What is a debit memorandum?

2. Calculate the amount of cash that a book company would have to pay its supplier given the following information: purchase amount - fiction books = $100; amount returned - fiction books = $15; amount of sale to customer = $115.

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About This Quiz & Worksheet

The quiz and worksheet help you see what you know about recording departmental purchase returns and cash payments. In order to do well on the quiz, you need to be familiar with debit memorandum and an account that is used to record goods that are returned.

Quiz & Worksheet Goals

In these materials, you will be quizzed over:

  • Point at which a departmental purchase return is recorded
  • Calculating the amount of cash that a book company needs to pay to its supplier
  • The meaning of debit memorandum
  • The account that records goods that are returned
  • Not a benefit of a departmental purchase return account

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson on departmental purchases and cash payments
  • Information recall - access the knowledge you have gained about the meaning of debit memorandum
  • Interpreting information - verify that you can read information about when a departmental purchase return is recorded and interpret it correctly

Additional Learning

To gain more knowledge, use the lesson titled Recording Departmental Purchase Returns & Cash Payments. Other topics you can look at include:

  • What a purchase journal includes
  • When a journal entry is required
  • Examples of purchase returns
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