16. Which of the following is a contra account? a. Sales discounts b. Purchase returns and allowances c. Allowance for doubtful accounts d. All of the above
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- Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsWhich of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the aboveWhich of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed Assets
- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payableWhat is the normal balance for each of the following accounts: (a) Purchases? (b) Sales Discounts? (c) Purchases Returns and Allowances? (d) Sales? (e) Purchases Discounts? (f) Sales Returns and Allowances?Which of the following would not be reported on the financial statement? a. Sales discount taken b. Trade receivables c. Trade discounts d. Sales discounts not taken
- Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable44.Which is a valid statement regarding the gross price, net price and allowance methods of recording accounts receivable from customers? a. Under the gross method, sales discount is recorded when taken and this account is reported as an item of other expense in the statement of comprehensive income. b. Under the net method, sales discount is recorded when not taken and this is reported as an item of other income in the statement of comprehensive income. c. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, after appropriate adjusting entry(ies), the amount of net accounts receivable reported under the gross method is greater than the amount reported under the net method. d. When accounts receivable have not yet been collected at the end of the year and the discount period has already lapsed, no adjusting entry is required under the net method.6. The method of estimating uncollectible accounts that has the advantage of presenting accounts receivable at net realizable value is the
- What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xxSeveral 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 balanceWhich of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales Discountsc. Cost of Goods Soldd. Sales Revenue