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When a seller records a return of goods what account is credited?
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When the seller is paid the customer's account is credited or debited?
credited
When the seller is paid the customer's account is what?
The customer's account is credited.
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.
When the seller is paid the customer's account is.credited or debited?
debited
What is the concept of escrow account?
An escrow account is funds put aside for a future liability. Two common examples relating to a home: If you bought a house and there was a repair needed to be done and paid for by the seller, but the repair couldn't be completed before settlement, the seller might be required to set aside adequate funds in an escrow account, controlled by a third party. When the repair was completed, the third party would pay the bill from the escrow account and return any remaining funds to the seller. Also, some mortgage companies require the home owner to pay money into an escrow account every month to cover 1/12 of the cost of real estate taxes and homeowners insurance. Then the mortgage company issues payment for those items when they are due. This way, the mortgage company knows that those payments will be made, protecting their collateral.
When seller paid the customer account is?
credited
When the seller is paid the customer's account is credited or debited?
credited
When the seller is paid the customer account is debited or credited?
credited
When the seller is paid the customers account is what?
The customer's account is credited.
What is the customer account when the seller is paid?
The customer's account is credited.
When the seller is paid the customer's account is what?
The customer's account is credited.
Why was the full sale amount not credited to my PayPal account after selling an item on eBay?
There is a "seller's fee" charged on transactions. You as the seller get what is left after deducting this fee from the amount the buyer payed.
When the seller is paid the customer?
credited
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.
What is return sales?
When the sold items are returned back to the seller by the customer then, it is Sales Return for the seller.
Advances from customers appear in the accouting?
If you are the seller and recieve an advance payment from a customer, it means you are owing the customer and as much a creditor. Your cash is debited and the customer ( Customer's deposit account) credited;
You bought a faulty item on eBay and paid with pay pal what can you do to get my money back?
You start with contacting the seller. He might offer your money back if you return the item to him. If the seller won't return your money there's a way to complain through paypal. If that fails too you can always complain wia the credit card company that your paypal account is linked to. But start with contacting the seller.
