State the term- purchases returns and allowances, Accounting Basics

Assignment Help:

State the term- Purchases Returns and Allowances

Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of merchandise.

These transactions are recorded in a "contra" account and they have a normal balance of credit.

Related Discussions:- State the term- purchases returns and allowances

Determine the real rate of return on investment, 1) A) Suppose Jean Splicer...

1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu

Prepare data flow diagrams, Examine the present system and recoginize speci...

Examine the present system and recoginize specific weaknesses that must be addressed by a new improved system. As part of your analysis, prepare data flow diagrams (context, log

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e

Accounting standard scop, Scop of accounting

Scop of accounting

Human resource accounting, Human Resource Accounting: Way back in the ...

Human Resource Accounting: Way back in the year 1964 the first attempt to comprise figures on human capital in the balance sheet was made through Hermansson that later came to

Income statement single step, Solve accounting income statement question in...

Solve accounting income statement question in single step with given details.. The following are information for the Lotu Wo Company: Net Sales 5

Concept of ''fund'' , Concept of 'Fund' : The word 'Fund' has a range ...

Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow

Peachtree accounting, what are the options of setting up companies chart of...

what are the options of setting up companies chart of account

A company would not acquire treasury stock, Q. A company would not acquire ...

Q. A company would not acquire treasury stock a. in order to reissue shares to officers. b. as an asset investment. c. in order to increase trading of the company's stock. d. to ha

What is purchase discounts account, Q. What is Purchase Discounts account? ...

Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages