The normal balance for Purchases Returns and Allowances is:

Name: The normal balance for Purchases Returns and Allowances is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Purchases Returns and Allowances is a contra account to Purchases. It records the amount of merchandise returned to the vendor or supplier as well as the refunds or price reductions granted by the vendor or supplier. Since it decreases the amount of Purchases, it has a credit normal balance.

The Normal Balance for Purchases Returns and Allowances Is