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  3. page 12 of 29 stomer retums are recorded as a debi

Page 12 of 29 stomer retums are recorded as a debit to Sales Returns and...

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Accounting

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Page 12 of 29 stomer retums are recorded as a debit to Sales Returns and Allowances and a credit to Accounts Receivable (or Cash). Wouldn't it be simpler and therefore better to debit Sales instead of Sales Returns and Allowances? Explain. (3 marks) Assets and liabilities are not closed at the end of the accounting period. Explain why. (3 marks) c

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