1.Sales made $100 and Rebate given $10
What is the accoounting entry for the above? is this the below one is correct?
Customer a/c - DR $100
Sales a/c - CR $100
Rebate a/c - DR $10
Rebate Accrual a/c - CR $10.
What could be the accounting entry when we settle the rebate ( assume the final rebate is $11 given to the customer but not $10)?
Also give me the accounting entries for settlement when final rebate is $10 also.
Thanks in advance for your help