Sales Returns and Allowances

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Sales Returns and Allowances (alternatively known as Sales Returns and Allowances account or SRA account) is a contra-revenue account that records price adjustments and allowances granted on merchandise that is defective and has been returned.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Sales Returns and Allowances account (SRA account). A contra-revenue account that records price adjustments and allowances granted on merchandise that is defective and has been returned.

Related concepts

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