Accounting word of the Week

Today, we are looking at the word sales allowance. Sales allowance is a reduction in the selling price of goods because of a particular problem. It can be due to a breakage, quality deficiency, and incorrect quantity of a merchandise.

Sales allowance is a deduction from gross sales to arrive at net sales. Sales allowances are recorded in the contra revenue account.

If you have any accounting needs, please feel free to reach out to us.

Disclaimer: This blog is for information purposes only and is not intended to provide investing, accounting, tax or legal advice and should not be relied upon.

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