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Sales Discounts and Sales Returns & Allowances

Sales Discounts and Sales Returns & Allowances -...

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Sales Discounts Sell an item for $100 – Terms 2/10, net 30 Accounts Receivable 100.00 Sales Revenue 100.00 If Customer pays in 8 days Cash 98.00 Sales Discounts 2.00 Accounts Receivable 100.00 If Customer pays in 30 days Cash 100.00 Accounts Receivable 100.00
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Sales Returns and Allowances Sell an item for $100 Accounts Receivable 100.00 Sales Revenue 100.00 Item is Defective – Customer returns the item for full credit
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Unformatted text preview: Sales Returns and Allowances 100.00 Accounts Receivable 100.00 Sales Returns and Allowances Sell an item for $100 Accounts Receivable 100.00 Sales Revenue 100.00 Item has a small defect – Customer receives a $20 allowance Sales Returns and Allowances 20.00 Accounts Receivable 20.00 Customer pays the remaining balance due Cash 80.00 Accounts Receivable 80.00...
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