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When a customer returns a purse back to the Louis Vuitton retail store do they put the returned merchandise back on the sales floor?
Wiki User
∙ 14y ago
It will depend on the looks. If it has a scratch on it they will not. If it is still perfectly in the bag brand new they will put it on the sales floor. Almost all of the stores will do that!
Wiki User
∙ 14y ago
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When merchandise that was sold is returned a credit to sales returns and allowances is made True or False?
true
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
What is the Journal entry for a customer returning merchandise delivered in poor condition?
[Debit] Sales returns [Credit] Accounts receivable
Purchase return Accounting?
"Purchase returns" is the entry made in the journal that refers to "Unsatisfactory or defective merchandise/goods which is returned back to the supplier".
Journal entry for returned goods by customer?
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
Can you buy liquidation directly from a department store?
Yes you can buy customer returns, closeout, overstock, shelf-pulls and display items by the wholesale lot (Bill of Lading or B.L.) from major retailers. The method involves you obtaining a salvage contract ( buyer agreement) from the retailer. Some stores run their own liquidation program (e.g. Macy's Liquidation program). Other retailers out source their salvage and returns management to third party service providers( e.g. Sears Holding out sources their Kmart and Sears stores customer returns to a service company named Genco. Genco operates the return centers and sells the liquidated items for Sears.)The last way that retailers sell liquidation merchandise is through job outs. e.g Jacobs Trading buys all of the returned merchandise from most U.S. Walmart stores and sells the merchandise for a profit.
Journal entry in financial accounting for purchase return?
Like sales discounts, sales returns and allowances reduce sales revenue. They also result in additional shipping and other expenses. Since managers often want to know the amount of returns and allowances for a period, the seller records sales returns and allowances in a separate account. Sales Returns and allowances is a "Contra (or offsetting) asset account to Sales. The seller debits Sales Returns and Allowances for the amount of the return or allowance. If the original sale was on account, the seller credits Accounts Receivable. Since merchandise inventory is kept up to date in a perpetual system, the seller adds the cost of the returned merchandise to the merchandise inventory account. The seller must also credit the cost of returned merchandise to the cost of merchandise sold account, since this account was debited when the original sale was made. What if the buyer pays cash and then later returns the merchandise. In this case the seller may issue a credit and apply it against other accounts receivables owed by the buyer, or the cash may be refunded. If the credit is applied against the buyer's other receivables, the seller records entries similar to those preceding. If cash is refunded for merchandise or for allowances, the seller debits sales returns and allowances and credits cash.
Which note is sent to customer when he returns the goods?
A refund check is a note sent to a customer when he returns the goods.
What is the merchandise return law in Indiana?
The merchandise return law in Indiana is... EXCHANGES AND RETURNS Merchandise returned for exchange or refund will receive our prompt attention. All exchanges must have the original tags attached. When returning items, please include the original packing slip and mail your return merchandise to: University of Notre Dame Catalog Fulfillment Center 1610 N Ironwood South Bend, Indiana 46635. When returning merchandise please use a shipping carrier that provides package tracking services. Shipping charges are nonrefundable. Returns sent freight collect will be refused.
What account is debited when a company returns merchandise to a vendor on credit?
credit
Is the undertaker returns?
he returned at summerslam 2010
When a buyer returns merchandise purchased for cash the buyer may record th transaction using?
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
