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What else can I help you with?
Do you debit or credit carriage inwards in trial balance?
both carriage inwards and carriage outwards or debited in the trial balance
Is carriage outwards a debit or credit balance?
It's Debit.
Sales Returns and Allowances normal balance?
credit
Is purchases returns a debit or credit balance?
It's a credit - if a company buys something - then returns it, they get credited with the money they have spent.
Does sales returns and allowances have normal credit balance?
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
Do you debit or credit carriage inwards in trial balance?
both carriage inwards and carriage outwards or debited in the trial balance
Is carriage outwards a debit or credit balance?
It's Debit.
Sales Returns and Allowances normal balance?
credit
Is purchases returns a debit or credit balance?
It's a credit - if a company buys something - then returns it, they get credited with the money they have spent.
Do returns effect your credit history?
No - no more than the balance of your credit card does. Individual returns are not reflected on your credit report, only the balances of cards, high limits, etc.
Does sales returns and allowances have normal credit balance?
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
Is return inwards a debit or credit?
Debit
When record sales returns the credit of the entry must be posted twice does this cause the trial balance to be out of balance?
Yes, if record sales returns are posted twice to the credit side, it will cause the trial balance to be out of balance. This is because the total credits will exceed the total debits, leading to discrepancies in the financial records. To maintain balance, each entry should be posted accurately only once.
Is return inward a current asset?
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Does a debit increase purchase discounts?
Purchases account has debit balance as default balance while purchases returns has credit balance as default balance because it is use to reduce the purchases account so debit decreases the purchase discounts while credit increases the purchase discount account.
Can you process returns on a credit card?
Yes, we can process returns on a credit card.
Does sales returns and allowances have a normal debit balance?
That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.
