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The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. true or false
Question
Asked 6/11/2013 9:46:05 AM
Updated 1/15/2015 6:49:24 PM
1 Answer/Comment
Flagged by debnjerry [1/15/2015 6:48:21 PM]
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User: The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. true or false

Question
Asked 6/11/2013 9:46:05 AM
Updated 1/15/2015 6:49:24 PM
1 Answer/Comment
Flagged by debnjerry [1/15/2015 6:48:21 PM]
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The Sales Returns and Allowance account is credited for the selling price of any merchandise returned by a customer. This is FALSE. The sales Returns and Allowances account is a contra-revenue account and is debited when merchandise is returned by a customer.
Added 1/15/2015 6:49:24 PM
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The consistency principle states that, in general, accountants should use the same accounting methods from one period to the next.
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Expert Answered
Updated 1/15/2015 6:51:05 PM
1 Answer/Comment
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Added 1/15/2015 6:51:04 PM
This answer has been confirmed as correct and helpful.
A customer returns merchandise that was delivered in poor condition and that does not meet specifications. The account that the seller would debit for the amount of the return is Answer A. Sales Revenue B. Purchases C. Purchase Returns and Allowances D. Sales Returns and Allowances
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