q sales returns and allowances accountthe sales, Accounting Basics

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q sales returns and allowances accountthe sales

Q. Sales Returns and Allowances account?

The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned by buyers or reductions in selling prices granted. Some companies utilize separate accounts for sales returns and for sales allowances but this text doesn't.

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Accounting Basics: q sales returns and allowances accountthe sales

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