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Sales discount, sales return, and allowance is _. (a) revenue accounts (b) permanent accounts (c) contra revenue accounts (d) contra expenses accounts.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1MC: Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...

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Sales discount, sales return, and allowance is _. (a) revenue accounts (b) permanent accounts (c) contra revenue accounts (d) contra expenses accounts.

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For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases
Sales Returns and Allowances account is report it like a. contra-revenue account on the income statement. b. current liability on the balance sheet. c. deduction from accounts receivable on the balance sheet. d. selling expense on the income statement.
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Which of the following accounts is a temporary account? Multiple Choice Accounts receivable. Interest payable. Accounts payable. Cash Salaries expense. Profit margin is defined as: Multiple Choice Net sales divided by net income. Revenues divided by net sales. Net income divided by assets, Net sales divided by assets. Net income divided by net sales.
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Which 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
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Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost of Sale d. Sales
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
When a customer pays in advance for products or services, which of the following accounts is credited? a.Sales Revenue b.Cash c.Unearned Revenue d.Accounts Receivable