The contra-revenue accounts, Sales Returns and Allowances and Sales Discounts, should be closed by crediting these accounts

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The contra-revenue accounts, Sales Returns and Allowances and Sales Discounts, should be closed by crediting these accounts and debiting Income Summary for each account.

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: Oct 19, 2018 10:03 AM

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The contra-revenue accounts, Sales Returns and Allowances and Sales Discounts, should be closed by crediting these accounts

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Fundamentals of Financial Accounting

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