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It's a contrarevenue. It would show up in the revenue section but as a debit as opposed to a credit. A return would decrease your revenues but not increase your expenses.
What else can I help you with?
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
Is calculated by dividing the net income by revenue or sales?
return on sales
Could Sales revenue minus sales returns and allowances and sales discounts equals?
Sales revenue minus sales return and allowances and sales discount equals?
What is a flexible budget?
Definition A set of revenue and expense projections at various production or sales volumes. The cost allowances for each expense are able to vary as sales or production vary.
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
What is return inwards in accounting?
Return Inwards in accounting means SALES that was returned in your business by your customers maybe because there's something wrong or the customer is not satisfied with the product. SALES is your revenue and is credit in nature. RETURN INWARDS / SALES RETURN is the opposite of SALES, therefore, it's an expense and is debit in nature.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Is calculated by dividing the net income by revenue or sales?
return on sales
Could Sales revenue minus sales returns and allowances and sales discounts equals?
Sales revenue minus sales return and allowances and sales discount equals?
What is a flexible budget?
Definition A set of revenue and expense projections at various production or sales volumes. The cost allowances for each expense are able to vary as sales or production vary.
What type of expense is discount allowed?
Discount allowed is classified as a selling expense or a marketing expense. It represents a reduction in the selling price offered to customers to encourage sales or reward prompt payment. This expense reduces the overall revenue recorded by a business, impacting its net income. It is recorded on the income statement as a deduction from sales revenue.
Is sales return a revenue or expenses?
It's a contrarevenue. It would show up in the revenue section but as a debit as opposed to a credit. A return would decrease your revenues but not increase your expenses.
What is the accounting entry for sales return under warranty?
The accounting entry for sales return under warranty is the accrued warranty liability. This entry is written under warranty expense.
Journal entry for returned goods by customer?
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
The entry closing the Expense and Revenue Summary is a?
The entry closing the Expense and Revenue Summary is a?
