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When merchandise is returned for a refund or for credit to be applied to other purchases the situation is called?
Wiki User
∙ 10y ago
sales return
Wiki User
∙ 10y ago
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What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?
Gross Profit
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The coupon codes you find can be used at checkout when making online purchases. They will be applied to the overall shopping cart and be the discount applied.
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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.
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The method is applied identically to every situation; face away from The Thing and run.
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1. Increase in speed2. Decrease in speed3. Maintain speed
What do the initials R T S stand for as related to the British army in World War 1?
RTS means return to service. It applied to officer candidates in officer training who failed training and were returned to their original units, or returned to service.
