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Former Member
May 27, 2009 at 10:53 AM

Customer Rebate

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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