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

Explanation of Revenue Accounts:Revenue accounts represent the income a company earns from selling…

Answered: Sales discount, sales return, and…

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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Similar questions

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
Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
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.
Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance
6) Which of the following are the normal balances of Sales, Sales discounts, and Sales returns and allowances, respectively? A) Debit, credit, and credit B) Debit, debit, and credit C) Credit, debit, and debit D) Credit, credit, and debit
The contra−revenue accounts include: A. Sales Tax Payable. B. Sales Returns and Allowances. C. Sales Discount. D. Both B and C are correct.
Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities B.revenue C.a contra account to sales revenue D.cash from operating activities
The Allowance for Sales Discounts account: (Select all that apply). Multiple select question. Is reported on the income statement as a reduction to the Sales account. Is reported on the balance sheet as a reduction to the Accounts Receivable account. Is a contra revenue account. Is a contra asset account.
What type of accounts are Sales Returns and Allowances and Sales Discounts?
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
Briefly explain the accounting treatment for sales returns.
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

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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.