settlement refunds to custmer

This topic has 1 reply, 2 voices, and was last updated 12 years ago by John Moffat.

Viewing 2 posts - 1 through 2 (of 2 total)

Author

Posts
October 30, 2013 at 4:35 am #144101
merryjxm
Participant
- Topics: 2
- Replies: 0
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
Keymaster
- Topics: 57
- Replies: 54856
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.
Author

Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.