For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
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Correct Answer:
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Q38: Monica's Closet received payment in full within
Q39: Sara's Jewelry sold 40 necklaces for $35
Q40: Mel's Art studio was moving and sold
Q41: Compare and discuss a discount period versus
Q42: Sales Returns and Allowances is a contra-sales
Q44: Calculate gross sales:
net sales = $100,000
sales returns
Q45: The Sales Returns and Allowances account is
Q46: Sales Tax Payable represents an asset on
Q47: Sales is a revenue account.
Q48: Explain why the account Sales Tax Payable
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