October 30, 2016 admin

Advertising Refunds/Allowances—New

Expenses

ADVERTISING REFUNDS/ALLOWANCES—NEW EXPENSE ACCOUNT
7120/7121

ACCOUNT EXPLANATION
Refunds from FDAF, LACP, and Co-op advertising funds, with amounts determined by local associations.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Advertising expenditures reported to local association P
    Accounts Receivable—Other 1130
      Advertising Refunds/Allowances—New 7120
             
  Refunds received CR
    Cash in Bank 1001
      Accounts Receivable—Other 1130
COMMENTS
  • Refer to publications from your local association for details on how advertising refunds are earned and reported.