College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Question
Chapter 10, Problem 3RQ
To determine
Indicate the use of the given accounts.
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Students have asked these similar questions
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
Indicate the normal balance and category of each of the following accounts:
CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue.
Account
Normal Balance
Category
a.
Sales Returns and Allowances
b.
Merchandise Inventory
c.
Miscellaneous Income
d.
Payroll Tax Expense
e.
Sales Discounts
f.
Cost of Goods Sold
g.
Income Tax Payable
h.
Prepaid Expenses
What is the normal balance of the contra-revenue accounts: Sales Return and Sales Discount and Allowances accounts?
Chapter 10 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - Prob. 4SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 6SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 10SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - Prob. 4SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - Prob. 12SPBCh. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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Similar questions
- 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 soldarrow_forwardWhich of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forward
- 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 balancearrow_forwardThe classification and normal balance of the sales discount account would be A. expense and debit B. revenue and credit C. contra revenue and debit D. asset and debitarrow_forwardMatch the terms with the definitions.arrow_forward
- Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the abovearrow_forwardThe contra−revenue accounts include: A. Sales Tax Payable. B. Sales Returns and Allowances. C. Sales Discount. D. Both B and C are correct.arrow_forwardIn a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and allowance Cr. Account receivable (b) Dr. sales Cr. Account receivable (c) Dr. Sales Cr. Merchandise inventory (d) Dr. Sales return and allowance Merchendise inventory Cr. Account receivable Cost of good soldsarrow_forward
- 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 activitiesarrow_forwardThe normal balance of the following accounts is a debit Multiple Choice O Sales returns and allowances, and purchase discounts. Cost of goods sold, and purchase discounts Transportation-in and income summary Sales returns and allowances, cost of goods sold Sales discounts and interest revenuearrow_forwardWhich of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest Revenue d.Merchandise Inventoryarrow_forward
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