Question

Purchase return is revenue

Answer 1

Answer:

This account is a contra revenue account, meaning it opposes the revenue account. A sales returns and allowances journal entry in this account shows a decrease in revenue. Depending on the payment method used, you will enter in your cash account or accounts receivable.

Answer 2

Answer:

This account is a contra revenue account, meaning it opposes the revenue account. A sales returns and allowances journal entry in this account shows a decrease in revenue. Depending on the payment method used, you will enter in your cash account or accounts receivable.

Explanation:

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