Explain how wholesalers and retailers account for sales of, Accounting Basics

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Explain how wholesalers and retailers account for sales of

Explain how wholesalers and retailers account for sales of merchandise.

Net sales represents sales less deductions for discounts and merchandise returned (returns and allowances) and is a key figure on the income statement.
Sales discounts are given to customers who pay their bills promptly.
Returns and allowances have the same effect on sales that sales discounts do; that is, they reduce sales.

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Accounting Basics: Explain how wholesalers and retailers account for sales of

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