Asked by
Adriana Flocker
on Oct 28, 2024
Verified
Sales returns and allowances is a contra-revenue account.
Contra-Revenue Account
An account that is used to record reductions in gross revenue, such as sales returns, allowances, and discounts.
- Acquire knowledge about the repercussions of sales discounts, returns, and allowances on financial disclosures.
Verified Answer
AB
Learning Objectives
- Acquire knowledge about the repercussions of sales discounts, returns, and allowances on financial disclosures.
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