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Returns and Allowances

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    Ariel S.
    US
    Ariel S.

    do returns cost the company more or less and are these items insured .?

    Rose R.
    PG
    Rose R.

    The essential affect of the journal entries to record a sales return or allowance is to reverse the original entry to record the sale—it is as if the merchandise was never sold. The only difference is that instead of reducing the Sales account, the amount of returns and allowances are kept up with in the Sales Returns & Allowances account.

    Ashley M.
    US
    Ashley M.

    Any returns that is the wrong color size, or just didn't like can be returned.

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