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Sales Returns and Allowances
Accounts that reduce total sales revenues on the income statement due to returned or damaged goods, or price allowances granted to customers.
Contra-Revenue Account
An account in the general ledger that reduces the total gross revenues reported by the business, including returns, allowances, and discounts.
Sales Discounts
Reductions in the price of goods or services offered to customers to encourage prompt payment or as part of a sales promotion.
Control Account
An account used in the general ledger to summarize transactions detailed in subsidiary ledgers for efficient reporting and verification purposes.
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