sales discount returns allowances

sales discount returns allowances - 2009-09-091ACCOUNTING...

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Unformatted text preview: 2009-09-091ACCOUNTING FOR SALES DISCOUNTS AND RETURNS & ALLOWANCES2009-09-09Accounting for Sales Discounts & Returns & Allowances2Accounting for Sales Discountsand Returns & AllowancesAccounting for discounts, returns and allowances can be very complicated because the entry required depends on your role in the situation. It is very important that you understand what company you are recording transactions for so that you know if your company is the buyer or the seller.2009-09-0922009-09-09Accounting for Sales Discounts & Returns & Allowances3Accounting for Sales Discountsand Returns & AllowancesMost companies are both the buyer and the seller at different points. You must isolate the specific event in question to determine if the company is the buyer or the seller for that specific situation. 2009-09-09Accounting for Sales Discounts & Returns & Allowances4Accounting for Sales Discountsand Returns & AllowancesIf your company is purchasing inventory, then it is the role of the buyer that you should be...
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This note was uploaded on 11/09/2010 for the course BUSINESS 2257 taught by Professor Iandunn during the Fall '10 term at UWO.

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sales discount returns allowances - 2009-09-091ACCOUNTING...

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