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What is The return of merchandise by a customer whether they are given credit or cash in return?
The return of merchandise by a customer refers to the process where a customer returns a purchased item to the retailer or seller. In this process, the customer may receive a refund in the form of cash or store credit, depending on the store's return policy. This practice allows customers to exchange or refund items that may be defective, unwanted, or not as described. It is an important aspect of customer service and retail operations, as it can impact customer satisfaction and loyalty.
What else can I help you with?
What is the definition of credit invoice?
A credit invoice is the same as a credit memo. It is documentation that shows credit to a customer ie merchandise return. http://kramer-smilko.com/manuals/chap11/chp11-8.htm
The entry to record the return of merchandise from a customer would include what?
debit to sales
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
What is the importance of a credit note?
A credit note is issued instead of a refund in the case of the goods being faulty. If a customer buys something from a retailer, and the item is defective, they have the right to return it. However - they don't necessarily have to be given a refund. Many retailers simply issue a credit note for the value of the faulty goods. This means that the customer is 'tied' to the retailer - whether they want to be or not !
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
What is the definition of credit invoice?
A credit invoice is the same as a credit memo. It is documentation that shows credit to a customer ie merchandise return. http://kramer-smilko.com/manuals/chap11/chp11-8.htm
The entry to record the return of merchandise from a customer would include what?
debit to sales
When merchandise is returned for a refund or for credit to be applied to other purchases the situation is called?
sales return
I wrote a bad check can I return the merchandise for the bad check since I am unable to make good on the check?
You would have to talk to the store to see about their policy on returning merchandise. Depending on the store and the merchandise they may only offer a store credit, or not accept a return at all.
How do you return merchandise?
How do I return merchandise bought on line thru you cirque soeli
Is accounts payable a debit or a credit on a trial balance?
Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased, or overstatement of purchased merchandise.
What is the importance of a credit note?
A credit note is issued instead of a refund in the case of the goods being faulty. If a customer buys something from a retailer, and the item is defective, they have the right to return it. However - they don't necessarily have to be given a refund. Many retailers simply issue a credit note for the value of the faulty goods. This means that the customer is 'tied' to the retailer - whether they want to be or not !
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
What does surplus merchandise?
to return the surplus merchandise to the supplier
A customer wants to return merchandise Store policy is that the merchandise cannot be returned what should you do?
Apologize saying "I'm sorry was there anything wrong with this item?" it may just be a simple fix or guidance that is needed and they may decide to keep the item, if not try to find what you can do for the customer maybe give a discount on another item, offer an exchange, a coupon , or a store credit. If you can not do any of the above then explain explain the reason for the denial of the return not just the policy. Usually there is a good reason the policy exists find out why and explain it in plain english and always make sure to empathize with the customer be calm but be assertive.
What does merchandise mean?
your manager tells you to return the surplus merchandise to the supplier. You are returning the merchandise because:
Journal entry for returned goods by customer?
[Debit] Sales returns [Credit] Cash / bank [debit] Sales revenue [credit] sales return
