What is Return of goods (products) sold?

The return by a buyer of goods or products it has bought. Account 9040 is a contra account (contra-liability type) in relation to the 9000 group: its debit turnover reduces sales revenue. In this case the cost of the returned goods (products) is recorded on the debit of an inventory account and the credit of the cost-of-goods (products)-sold account (9120 or 9110).