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My Kaplan F3 book doesnt include any year end adjustments (YEA) for sales returns and sales.. but then neither does it inlcude sales returns as an expense, it simply deducts it from sales revenue on the Income Statement.
So should this be considered a YEA or not?
ie are the YEA entries made?
dr Sales Revenue
cr Returns InThanks.
sales is an credit entry and the same sale is returned they have to deduct the previous entry and to do that they debit the sales return.
for eg.
jun 1 sales 1000
jun 2 sales 700
jun 3 sales 500
jun 7 sales return 1000
jun 10 sales 900the entry in sales revenue account will be
cr sales 1000
cr sales 700
cr sales 500
dr sales 1000
cr sales 900it is not an year end adjustment.
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