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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.
What is the journal entry for sales returns and allowances?
Debit: Sales Returns & Allowances Credit: Accounts Receivable :)
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
Is a sales return and allowances a liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
What section would sales returns and allowances be on the income statement?
Sales returns and allowances reduces the actual sales value that;s why shown as deduction from Sales Revenue in Income Statement
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.
Where do you put Sales Returns and Allowances on a trial balance?
On the trial balance, Sales Returns and Allowances is a liability. If items returned are sold later, they become assets under sales.
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
What is sales minus sales returns allowances and sales dicount called?
net sales
How is net sales calucultaed?
Net sales = Total sales - Sales returns and allowances
Could Sales revenue minus sales returns and allowances and sales discounts equals?
Sales revenue minus sales return and allowances and sales discount equals?
