Sales returns and allowances account, Accounting Basics

Assignment Help:

Q. Sales Returns and Allowances account?

The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned by buyers or reductions in selling prices granted. Some companies utilize separate accounts for sales returns and for sales allowances but this text doesn't.


Related Discussions:- Sales returns and allowances account

Characteristics of partnership , Can you give me a more simple definition o...

Can you give me a more simple definition of Mutual Confidence and give me an example of a situation of it

Advantages and disadvantages inventory procedure, Q. Advantages and disadva...

Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of

Income statement, A company pays rates annually/yearly in advance on 1 Apri...

A company pays rates annually/yearly in advance on 1 April every year. $4000 is paid by them on 1 April 2009 and $4800 on 1 April year 2010. The company's accounting year end is 31

Calculate the cutoff price and gross benefit, Bill is an avid angler. His f...

Bill is an avid angler. His favorite fishing location is Willow Lake, which supports year-round sport fishing. His monthly demand function for fishing at Willow Lake is given by x

What is the meaning of fica tax, FICA Tax (Social Security) Both the...

FICA Tax (Social Security) Both the employee and the employer contribute equally. OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar y

Uoit has recently appointed you to prepare an independent, UOIT has recentl...

UOIT has recently appointed you to prepare an independent consulting report to analyze the university's current financial position and to provide some recommendations for improve

A store receives $400 cash after offering a chain discount, A store receive...

A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00

Establishing the change fund, Establishing the Change Fund Change Fu...

Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet

Describe the essential steps in the closing process, Q. Describe the essent...

Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue

Ledger, Need to get my Balance Sheet solved

Need to get my Balance Sheet solved

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd