State the term- purchases returns and allowancespurchases, Ask an Expert

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State the term- Purchases Returns and Allowances

Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of merchandise.

These transactions are recorded in a "contra" account and they have a normal balance of credit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583337

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