0
What else can I help you with?
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Unearned revenue is classified as which type of the account?
contra account
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
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.
Unearned revenue is classified as which type of the account?
contra account
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Sales Discounts are known as?
contra-revenue account
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
What is a typical number for a contra account?
Contra Accounts are typically numbered near or right after the normal account. 5010 Revenue 5011 Returns
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
