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- What is a sales return?
A sales return is the return of merchandise for a refund or for credit to be applied to other purchases.
2. What should a company do if customers return merchandise or it expects that some portion of its customers will return merchandise in the future?
2. What should a company do if customers return merchandise or it expects that some portion of its customers will return merchandise in the future?
The seller should reduce revenue for current and estimated future sales returns.
Sales - Sales Returns (Contra Revenue Account) = Net Sales Revenue
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