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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is a sales return? A sales allowance? Describe the proper accounting for sales returns and allowances.

To determine

Explain the term sales return and sales allowance and also identify the proper account method through which return and allowances are recorded.

Explanation

Accounts receivable:

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

  • Sales return: When the goods purchased by the customer are retuned back to the seller, the exchange mad between them is referred to as sales return...

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