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What is a sales returns day book?
Sales returns day book only record the sales returns in any day and no other entry is recorded in it.
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
Is sales returns and allowance a current liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What is the journal entry for sales returns and allowances?
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
What is a sales returns journal?
Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
The Sales Returns and Allowances account is classified as a?
Sales Returns and Allowances are contra revenue accounts because they reduce that total amount of sales. [Sales-Sales returns and allowances=Net sales]. They are reported on the income statement.
What is a sales returns day book?
Sales returns day book only record the sales returns in any day and no other entry is recorded in it.
Is turnover calculated by first deducting items like carriage in and sales returns from sales or is it total sales without deductions?
it is sales less sales returns
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
Is sales returns and allowance a current liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What are examples of books of original entry?
Examples of books of original entry are the sales day book, the purchases day book, the sales returns book, the purchases day book, the journal, and the cash book. These are books used in accounting.
What is the journal entry for sales returns and allowances?
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
What is a sales returns journal?
Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
How do calculate net sales?
Net sales = Total sales - sales returns and discounts
How is net sales calucultaed?
Net sales = Total sales - Sales returns and allowances
What is sales minus sales returns allowances and sales dicount called?
net sales
How do you present sales returns in the income statement?
sales+sales return=net sales
