Net Sales equals Gross Sales - Sales Returns and Allowances - Cash Sales.
54) If management wanted to determine if customers were returning goods at a higher rate than usual it could use the Sales Returns and Allowances account to analyze the information.
55) The time a customer is granted to pay the bill is the discount period.
56) Terms of 2/10, n/30 means that a customer is allowed a 10% discount in 30 days.
57) Sales Returns and Allowances is a contra-asset.
58) Sales is a revenue account.
59) Sales Discounts is an expense account.
60) If a customer returns merchandise the income for that period will be reduced.
61) The Sales Returns and Allowances account is contra-revenue.
62) Sales Discounts and Sales Returns and Allowances are expense accounts.
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