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What is the accounting treatment for a refund to customer?
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].
What is the abbreviation for the word Debit in accounting?
Debit is seen as Dr in accounting. Credit is Cr. They stand for Debit Record and Credit Record.
Is refund to customer debit or credit?
Credit to the customer.
When using Journal Entries for Refund Debit AR credit Sales What is the account that the check would offset?
When goods refund:[Debit] Sales returns[Credit] accounts receivable / cashAdjusting entry:[Debit] sales revenue[Credit] Sales returns
Difference between debit and credit in accounting?
A debit is money paid out or a loss, a credit in income or a gain.
Is a refund to a credit card a debit or credit?
Debit
What is the accounting treatment for a refund to customer?
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].
What is the abbreviation for the word Debit in accounting?
Debit is seen as Dr in accounting. Credit is Cr. They stand for Debit Record and Credit Record.
Is refund to customer debit or credit?
Credit to the customer.
Is an investment a credit or a debit in accounting?
credit
How to properly record a tax refund in accounting?
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
What are accounting rules called?
The accounting rules are called the 'golden rules of accounting' ie debit what comes in and credit wht goes out debit the receiver and credit the giver debit all expenses and loss and credit all incomes and gains.
Difference between debit and credit in accounting?
A debit is money paid out or a loss, a credit in income or a gain.
When using Journal Entries for Refund Debit AR credit Sales What is the account that the check would offset?
When goods refund:[Debit] Sales returns[Credit] accounts receivable / cashAdjusting entry:[Debit] sales revenue[Credit] Sales returns
Why is cash a credit in accounting?
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
What is the difference between a debit and a credit in accounting?
In accounting, a debit represents an increase in assets or expenses, while a credit represents an increase in liabilities, equity, or revenue.
What is the difference between a debit and credit in accounting?
In accounting, a debit represents an increase in assets or expenses, while a credit represents an increase in liabilities, equity, or revenue.
