Why are sales discounts and sales returns and allowances, Accounting Basics

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Why are sales discounts and sales returns and allowances

Question: 1. What does FOB mean? What does FOB destination mean?

2. Why are sales discounts and sales returns and allowances recorded in contra revenue accounts instead of directly in the Sales account?

3. Under what conditions are two entries necessary to record a sales return?

4. When merchandise is sold on credit and the seller notifies the buyer of a price allowance, does the seller create and send a credit memorandum or a debit memorandum?

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Accounting Basics: Why are sales discounts and sales returns and allowances

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Accounting Basics: Why are sales discounts and sales returns and allowances

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