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Sales Returns and Allowances
Deductions from gross sales that reflect products returned by customers and discounts provided for minor defects.
Contra-asset Account
A type of account in the general ledger that reduces the value of a related account when its balance is subtracted from the balance of the related account.
Contra-revenue Account
An account that is offset against a revenue account on the income statement, typically relating to sales returns, allowances, and discounts.
Restructure Loan
The process of modifying the terms of a loan agreement, typically to provide relief to the borrower by reducing interest rates, extending payment periods, or forgiving part of the loan.
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