An account that is classified as a contra-revenue: O a. may include sales discounts and credit card service fees. O b. is subtracted from gross sales revenue to determine net sales revenue. O c. typically has a credit balance. O d. is subtracted from accounts receivable to determine net receivables.
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- 18. If a company employs the net method of recording accounts receivable from customers, then sales discounts taken should be reported as O a. a deduction from sales in the income statement. O b. an item of "other income and expense" in the income statement. O c. a deduction from accounts receivable in determining the net realizable value of accounts receivable. O d. should not be used.Which of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and SaleTrue or False 1. Sales returns and allowances is a contra-revenue account 2. Sales discount is a revenue account with a credit balance
- The normal balance of the account "Sales Allowances" is a Debit; it is a contra revenue account to Sales Revenue OB. Credit; it is a contra asset account to Accounts Receivable OC. Debit, it is an expense in the income statement OD. Credit, it is a contra expense account to Bad Debt Expense -because A.Which one of the following statements is NOT true about account receivables? Select one: a. Account receivables have debit balances. b. Account receivables are current assets. c. Account receivables are can be discounted. d. Account receivables only relate to credit sales.What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xx
- The Sales Discounts Forfeited account ________. A. is a balance sheet account B. represents additional sales revenue C. represents additional revenue due to the customer not paying within the discount period D. is a contra Sales Revenue accountWhich of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b. Accounts Receivable.c. Cash.d. Purchases Returns and Allowances______ is the example of Liabilities. Sales Supplies in Hand Account Receivables Unearned Commission
- A credit balance to a client's accounts payable account representing right to receive payment for delivery of goods should be properly classified as: A. Current LiabilitiesB.Non-Current LiabilitiesC. Trade ReceivablesD. Non-trade Receivables (Current)E. Non-trade Receivables (Non-Current)The Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statementChoose the one correct answer. A credit balance to a client's accounts payable account representing right to receive payment for delivery of goods should be properly classified as: A. Current LiabilitiesB.Non-Current LiabilitiesC. Trade ReceivablesD. Non-trade Receivables (Current)E. Non-trade Receivables (Non-Current)