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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Q44: Sales Discounts and Sales Returns and Allowances
Q47: Sales is a revenue account.
Q49: The Sales Returns and Allowances account is
Q52: Sales tax collected by the seller increases
Q53: Terms of 3/10,n/30 means that a customer
Q59: If cash flow is so important to
Q60: Determine the amount of net sales given:
gross
Q60: For each of the following, identify in
Q62: The return of merchandise by a credit
Q75: The credit period is longer than the
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