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When a customer returns merchandise purchased on credit the retailer debits?
Wiki User
∙ 10y ago
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
Wiki User
∙ 10y ago
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When a buyer returns merchandise purchased for cash the buyer may record th transaction using?
when a buyer returns merchandise purchased for cash, the buyer may record the transaction using the following entry
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
What is the Journal entry for a customer returning merchandise delivered in poor condition?
[Debit] Sales returns [Credit] Accounts receivable
How should a return of merchandise purchased on account be recorded?
As a debit to the accounts payable account and a credit to the purchases returns and allowances account
How do you get a rma number?
A Return Merchandize Authorization Number is granted by the business/retailer to the customer upon request for the purpose of processing returns quickly and efficiently.
Can you buy liquidation directly from a department store?
Yes you can buy customer returns, closeout, overstock, shelf-pulls and display items by the wholesale lot (Bill of Lading or B.L.) from major retailers. The method involves you obtaining a salvage contract ( buyer agreement) from the retailer. Some stores run their own liquidation program (e.g. Macy's Liquidation program). Other retailers out source their salvage and returns management to third party service providers( e.g. Sears Holding out sources their Kmart and Sears stores customer returns to a service company named Genco. Genco operates the return centers and sells the liquidated items for Sears.)The last way that retailers sell liquidation merchandise is through job outs. e.g Jacobs Trading buys all of the returned merchandise from most U.S. Walmart stores and sells the merchandise for a profit.
If a good bought on sale is exchanged should the customer pay the price difference?
Best practice customer service would say that the customer should be allowed to return the item or good for like merchandise if the item purchased was defective without an increase in cost. However should the customer choose and item of greater expense that it is not the same as the original good purchased. Then they should pay the difference in cost and only then. Identical exchange should not incur an additional charge. Not if you ever want to see that customer again. Finally, if your concern is that this policy might cause or allow for chronic returns with a no defective product or good simply develop a simple tracking system that monitors both customer returns as well as product or specific good rate of return and watch for patterns of abuse.
Which note is sent to customer when he returns the goods?
A refund check is a note sent to a customer when he returns the goods.
What account is debited when a company returns merchandise to a vendor on credit?
credit
Does the shopping channel accept returns?
The shopping channel is like any other online retailer. Returns can be accepted provided certain conditions are meet and approved by the retailer. Return shipping may be at the expense of the consumer.
When merchandise that was sold is returned a credit to sales returns and allowances is made True or False?
true
What accounts has a normal debit balance a Merchandise Inventory b Delivery Expense c Sales Returns and Allowances d Sales?
Sales Returns and Allowances
