Question
Does interest receivable comes under sales return and allowance
Answers
Answered by
GPT 3.5
No, interest receivable does not come under sales return and allowance. Interest receivable is the amount of interest that a company is owed by a borrower for a loan or credit that has been extended. It is a separate account from sales returns and allowances, which are related to the return of goods or adjustments to sales revenue. Interest receivable belongs in the company's financial assets section of the balance sheet.
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