Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 18 - No. 32)
How are returns of goods usually handled in the general ledger?
Debited to Sales Revenue.
Credited to Sales Revenue.
Debited to Sales Returns and Allowances.
Credited to Sales Returns and Allowances.
Explanation
Sales returns and allowances are used to track returned goods, and the general ledger entries will be debited to the respective account.
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