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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.
Adrain Weissnat
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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.
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.
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?
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.
Is sales commission an expense or cost of sales?
Sales commission is a Cost of sales. But the salary of a sales agent is an expense.
