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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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What are sales allowances? How do sales allowances differ from sales discounts?

To determine

Sales Allowances:

Sales allowances are the allowances given to the customers in the form of discount on the prices of the goods sold due to quality reasons for the satisfaction of customers.

The meaning of sales allowances and its difference from sales discounts.

Explanation

The sales allowances are treated as deduction or discount which is provided when there is any issue in the quality of the product sold to the customers to satisfy them or it can be provided on the event of late deliveries of the goods.

The sales discount is offered to fasten the payments for goods sold and services provided which saves the cost of the seller to recover the amount...

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