gershwin wallcovering incorporated shipped the wrong shade of paint to a customer. the customer agreed to keep the paint upon being offered a 15% price reduction. gershwin would record this reduction by debiting sales returns and crediting:

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26-10-2022
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gershwin wallcovering incorporated shipped the wrong shade of paint to a customer. the customer agreed to keep the paint upon being offered a 15% price reduction. gershwin would record this reduction by debiting sales returns and crediting:

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shardiksh890 shardiksh890 · Answer 1 · 2022-10-30T15:51:12+01:00

Gershwin would record this reduction by crediting accounts receivable and debiting sales allowance.

A contra sales revenue account, such as Sales Allowances, Returns, and Discounts, has a debit balance because it is the inverse of a regular Sales Revenue account's credit balance.

Ones sales allowances account is known as a contra-revenue account, and the amount in this account is recorded on your income statement at the end of each reporting period. Because sales allowances affect the company's net income, you would deduct these figures from your gross revenue of sales.

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Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. Gershwin would record this reduction by crediting accounts receivable and debiting:

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