Sales Discounts is a ________ account with a normal ________ balance.
A) contra-asset;debit
B) contra-revenue;credit
C) contra-asset;credit
D) contra-revenue;debit
Correct Answer:
Verified
Q127: Sales returns and allowances:
A)are not included on
Q128: Multistep income statements:
A)are required for merchandise companies.
B)contain
Q129: XYZ Company sold merchandise for $5,000,with payment
Q130: Medlock Company sold inventory on credit for
Q131: Inventory costing $3,000 is sold for $4,000
Q133: Sales discounts should appear in the financial
Q134: Merchandisers record revenue when they:
A)fulfill their performance
Q135: Sales Returns and Allowances are reported on
Q136: Which of the following is the most
Q137: On March 12,Pierson Company sold goods that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents