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If a consumer returns a purchase from a retailer do you take that return from the gross sale or net sales?
Wiki User
∙ 8y ago
The most appropriate way to account for a return is to have a 'returns account' (or negative sale if you will) to permit the retailer to see what percent of its sales are actually returned. Inventory should be credited accordingly, and the 'COGS' Cost of Goods Sold Account should also be reduced.
Wiki User
∙ 8y ago
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Does the shopping channel accept returns?
The shopping channel is like any other online retailer. Returns can be accepted provided certain conditions are meet and approved by the retailer. Return shipping may be at the expense of the consumer.
How do you record a purchase return?
As a consumer, the best way to record a return is by keeping the receipt. Receipts are offered on returns as well as purchases and a written record of the return is best.
What is a purchase returns day book?
purchase return book it for the returns outwars.
What is the journal entry for purchase returns?
[Debit] Purchase Return [Credit] Purchases
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
What is the journal entry for purchase return goods on credit?
debit accounts payablecredit purchase returns
How long does a consumer have to return a vehicle after purchase?
in 30 day's
What is returns outward?
some times goods which have been purchased have to be returned to the supplier. they may be faulty, damaged or not what was ordered. these goods are known as purchase return or return outwards.
What is purchase returns?
When some purchased supplies are returned back to suppliers due to some problem in supplies or due to any defect these returns are charged to purchase returns account and reduction in actual purchases.
Does the Ty Pennington Home Edition Organizational products give the buyer a warranty or return policy?
The return policy for the Ty Pennington Home Edition Organizational products can vary depending on the retailer you purchase them through. Each retailer has its' own return policy.
How do you get a rma number?
A Return Merchandize Authorization Number is granted by the business/retailer to the customer upon request for the purpose of processing returns quickly and efficiently.
Can I return this automotive paint and body product for a refund or exchange?
The return stipulation will depend on the retailer the items were purchased from. Most retailers whether online or store front will accept a return within 30 days of the purchase, provided you have the original receipt. Returning the product to the same store front it was purchased from is best. If it was an online purchase you can contact the retailer to see what information is required in order for them to provide a return authorization code. This code should be used to return the product to them. This will ensure credit to your account once the product is received by the retailer.
