It's inevitable in a merchandising business that customers will want to their money back for a variety of reasons. In this short video you will learn about the difference between a return and an allowance and how to record them in your accounting system.
This video was created in relation to the Utah State CTE standards for the Accounting II High School course. Specifically, this video prepares students to complete Strand 3, Standard 2: Describe the process for journalizing and posting transactions related to sales and cash receipts.
