Business & Finance

What does cash refund mean?

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2012-05-09 20:19:42
2012-05-09 20:19:42

When you take back an item that you purchased, they give you cash back (instead of a gift card to that store).

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Is it right that I debit the refund to [Sales returns] and credit it to [Cash at bank]? But the answer given by my teacher is that the refund is debited to [Trade receivables] and credited to [Cash at bank].


Debit refund accountCredit cash / bank


Yes, the cash refund needs to be recorded in the cash receipts journal. Keeping records of the forms of payment will help keep things organized.



A cash voucher is a piece of paper that can be used in place of cash. These are often given as gift certificates or refund checks from stores.


No one will or should cash your state refund check or any check for that matter without a valid non-expired picture id or ids.


If you mean use personal checks to receive cash back in your purchase yes. But other than that the only checks you may cash would be Payroll and Tax Refund Checks. Payroll being the limit up to $500 and the Tax Refund being $800 and you will be charged a fee for the amount of the check if it is above $25.00



Do you like having money? The earlier you file, the earlier you get your refund cash.



Generally they do as long as the item is within the warranty period.




Cause you didn't pay with cash in the first place? Otherwise why are you using a credit card?



No. It is either cash (if received) or a receivable. It is not income.


Debit cash / bankCredit income tax refund


Yes. For example if a supplier gives you a refund or a cash incentive to shop with him/her.



Yes, If you are the executor of the deceased, legal heir or have other appropriate power of attorney to do so, you can deposit the refund check.


It means to get your money back.


If you mean get a refund its not possible.


A debit on sales, while crediting cash means a cash refund to a customer.A sales transactionFor a service provider, the journal entry for a cash sales transaction has a debit on cash, and a credit on sales. Assuming a sales price of $100:cash 100 (debit)sales 100 (credit)A refundIf for whatever reason the customer requests (and receives) a (partial) refund, sales is reduced. The journal entry of a $30 refund would be the reverse of the above: sales 30 (debit)cash 30 (credit)Alternative journal entryHowever, companies would normally like to keep track of the amount of refunds. Instead of using 'sales' with a refund, a different T-account is used:sales allowances 30 (debit)cash 30 (credit)Sales allowances is a contra-T account to sales, and presented jointly in the income statement (sales minus sales allowances is net sales).For a trading company, there can also be sales returns (physical return of the goods), or a T-account 'sales returns and allowances'


You will not get a cash refund. You will get your check back if it is the same day. Otherwise, the store will wait until your check has cleared the bank to make certain you have the money to buy the product. Otherwise, you will be charged for an overdrawn check and prosecuted by the company.



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