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settlement refunds to custmer

This topic has 1 reply, 2 voices, and was last updated 11 years ago by John Moffat.

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October 30, 2013 at 4:35 am #144101
merryjxm
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why does settlement refunds to custmer be loacted on the debit side of receivables control account?
October 30, 2013 at 7:25 am #144103
John Moffat
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A refund is a repayment of cash – maybe the customer paid too much and so we repay it.
So we CR cash and DR receivables.
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