0
What else can I help you with?
What is The return of merchandise by a customer whether they are given credit or cash in return?
The return of merchandise by a customer refers to the process where a customer returns a purchased item to the retailer or seller. In this process, the customer may receive a refund in the form of cash or store credit, depending on the store's return policy. This practice allows customers to exchange or refund items that may be defective, unwanted, or not as described. It is an important aspect of customer service and retail operations, as it can impact customer satisfaction and loyalty.
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
How do I find the rma number?
To find your RMA (Return Merchandise Authorization) number, check the confirmation email or order details from the retailer, as it is often included there. If you can't find it, visit the retailer's website and look for their returns section, which may provide instructions for obtaining an RMA. Alternatively, you can contact the retailer's customer service directly for assistance.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
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
What is the Journal entry for a customer returning merchandise delivered in poor condition?
[Debit] Sales returns [Credit] Accounts receivable
When a buyer returns merchasndise purchased for cash the the buyer may record the transaction using the following entry?
When a buyer returns merchandise purchased for cash, the transaction can be recorded with a debit to the Accounts Payable or Purchases Returns and Allowances account and a credit to Cash. This reflects the decrease in cash due to the return of the merchandise. Additionally, if inventory was involved, the Inventory account may also be debited to reflect the return of goods.
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.
What is the entry to record the return of merchandise from a customer?
To record the return of merchandise from a customer, you would typically make the following journal entry: debit the Sales Returns and Allowances account to recognize the return, and credit Accounts Receivable (or Cash, if the customer was refunded) to reduce the amount owed by the customer. This entry reflects the decrease in revenue due to the return of goods. Additionally, if the merchandise is returned to inventory, you may also need to debit Inventory and credit Cost of Goods Sold accordingly.
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.
What does return policy mean?
A return policy is a set of guidelines established by a retailer that outlines the conditions under which customers can return purchased items. It typically includes information on the time frame for returns, acceptable reasons for returns, and the process for returning items, including any necessary documentation. Return policies help ensure customer satisfaction and can vary widely between businesses, affecting the overall shopping experience.
