WebUsing the partial Trial Balance provided below, set up T accounts for Merchandise Inventory, Estimated Returns Inventory, Customer Refunds Payable, Sales Returns and Allowances, and Income Summary and prepare the year-end adjustments for Merchandise Inventory and related accounts. Step-by-step solution Step 1 of 4 General ledger: WebSep 20, 2024 · Record both your sales revenue of $5,000 and your sales tax liability of $250 in your accounting books. Debit your Cash account for the total amount the customer paid you. Then, credit your Sales Revenue account the purchase amount before sales tax. And, credit your Sales Tax Payable account the amount of the sales tax collected.
Statutory Issue Paper No. 66 Accounting for Retrospectively
WebJan 14, 2024 · You will notice in the example above that account code 480 Refunds is listed as a revenue account, but you might ask yourself: isn’t refunds a reduction of sales? Yes, these are called contra accounts in accounting jargon. They are intended to be a direct reduction of specific accounts like revenue, why? WebEnsure timely payments of all vendor invoices weekly. Assist vendors with any discrepancies and/or issues. Process weekly employee … pavel rivera dca
Normal Balance of Accounts Double Entry Bookkeeping
WebSelect the customer you want to refund from the Payee dropdown. From the Payment account dropdown, select the bank account where you deposited the overpayment to. In … WebAccounting for Retrospectively Rated Contracts STATUS Finalized June 23, 1998 ... Ceded retrospective premium balances payable shall be recorded as liabilities, ... Provision for experience rating refunds, with a corresponding entry to premiums. 10. The amount of accrued estimated retrospective premiums to be recorded as a nonadmitted asset WebApr 27, 2024 · A refund is simply a repayment of cash – for example, maybe the customer accidentally paid us too much, and so we repay them (refund them) the extra. When we … pavel ring