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Revocation of acceptance is not effective until:
Contra-Revenue Account
An account that is deducted from a company's gross revenue, which results in net revenue, examples include sales returns, allowances, and discounts.
Sales Discounts
Refers to the reduction in the amount payable by a customer if the customer pays their invoice within a specific period as defined by the seller.
Allowance for Doubtful Accounts
An estimation of the amount of accounts receivable that may not be collectible.
Allowance Method
An accounting technique used to estimate and account for potential uncollectible accounts receivable and bad debts.
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