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Following terrorist attacks on airliners, business drops because passengers' fears
Accounts Receivable
The amount of money owed to a company by its customers for goods or services that have been delivered but not yet paid for.
Contra-revenue Account
is an account that is deducted from gross revenues to arrive at net revenue, examples include sales returns, allowances, and discounts.
Sales Returns
Transactions where customers return previously purchased merchandise, leading to a debit to the sales returns account and a credit to accounts receivable or cash.
Gross Sales
The gross sales income of a business before subtracting any returns, allowances, or discounts.
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