Hi
We have recognized a sale of $1,000 (100%) in 2007, however, in 2008 we have a partial return of $200.
The accountants just reduced the sale of $200 in 2008 and refunded cash, but now we have a $200 loss showing up in our book.
How should the proper accounting be done in this case? Should we show this loss in 2007?
Thanks in advance
highNNdry
We have recognized a sale of $1,000 (100%) in 2007, however, in 2008 we have a partial return of $200.
The accountants just reduced the sale of $200 in 2008 and refunded cash, but now we have a $200 loss showing up in our book.
How should the proper accounting be done in this case? Should we show this loss in 2007?
Thanks in advance
highNNdry