Question: What kind of account is sales returns and allowances? a. Revenue b. Contra-Revenue c. Contra-Asset d. Asset Sales: In accounting, sales is defined as the operating revenue earned by the entity through its main business operations. It is usually ac...
Sales Discounts To illustrate the contra revenue account Sales Returns and Allowances, let’s assume that Company K sells $100,000 of merchandise on credit. It will debit Accounts Receivable for $100,000 and will credit Sales for $100,000. If a customer returns $500 of this merchandise, Co...
For instance, if a company has a plant asset such as Equipment with a debit balance of $92,000 and the account Accumulated Depreciation has a credit balance of $50,000, the carrying amount (or book value) of the equipment is $42,000. The income statement account Sales Returns and ...
Classify the Unearned Revenue account as a revenue, an expense, an asset, a liability, or an equity account. Is its normal balance a debit or a credit? What type of account is Sales Returns and Allowances? a. Contra expense account b. Expense...
For instance, Shopify has a dedicatedTwitter accountto resolve customer queries. Source All their patrons have to do is tweet their problems and mention @Shopify and they’ll receive immediate assistance. The e-commerce platform also uses its social handle to dispel doubts about new updates and ...
1099-QA: Distributions from ABLE AccountsProvides information related to distributions fromAchieving a Better Life Experience (ABLE) accountsYou received a distribution from an ABLE account. Due Date to Recipient: January 31 Due Date to IRS: For mailed paper returns, February 28. March 31 if e-...
If any of the combinations succeed, hackers will then have the ability to change the bank account information and transfer funds, or sell stocks as a precursor to the transferring of funds, and ultimately pocket the returns. A phishing email disguised to look like it came from an e-...
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What Is a Merchant Account? (Why You Need One) Merchant accounts are a must for any business that wants to accept credit card payments. Here’s what a merchant account is, how they work, and how to get one. Unify online and in-person sales today. Talk to sales If you don’t use ...
Once a company delivers goods or services to the client, the AR team invoices the customer and records the invoiced amount as an account receivable, noting the terms. If the client pays as agreed, the team records the payment as a deposit; at that point, the account is no longer receivabl...