A type of account that is set up by a business for the purpose of recording the return of items or goods that are returned by customers due to defect or some other reason.
Related information about purchase returns and allowances:
- What is purchase returns and allowances? - BusinessDictionary.com
Definition of purchase returns and allowances: Contra-account used for recording the return of, or allowances made for, goods not wanted by the customers.
- purchases returns and allowances definition | AccountingCoach.com
The temporary contra purchases account used in a periodic inventory system which represents the amounts of merchandise.
- What is purchase returns and allowances? - InvestorWords.com
Definition of purchase returns and allowances: A type of account that is set up by a business for the purpose of recording the return of items or goods that are ...
- Chapter 5 - Principles of Accounting
Purchase returns and allowances are subtracted from purchases to calculate the amount of net purchases for a period. The specific calculation of net purchases ...
- Perpetual and Periodic Journal Entries
C. Purchase Returns and Allowances and Purchase Discounts ... and "Purchase Returns and Allowances" (Purch. R&A) that reduce it to determine "Net ...
- Purchase Returns and Allowances- Ch. 5 Video 3 - YouTube
May 21, 2010 ... Loading... There is no Interactive Transcript. Uploaded by mattfisher64 on May 21 , 2010. Recording purchase returns and allowances ...
- What is Purchase Returns And Allowances (Accounting) - Super ...
A contra-purchase account used for recording the return of, or allowances for, previously purchased merchandise.
- CHAPTER 16
Purchase returns and allowances - recorded when the company returns purchased merchandise to its vendors. Periodic entry - dr. A/P, cr. Purchase returns and ...