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Is bad debt reported on the income statement as a contra revenue account?
Wiki User
∙ 11y ago
It depends on when the Accounting period too place. From2011 onward, it was reported as an Expense. Starting in 2012, bad debt expense is reported as a contra Revenue account.
Wiki User
∙ 11y ago
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Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Unearned revenue is classified as which type of the account?
contra account
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Sales Discounts are known as?
contra-revenue account
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Is discount received a revenue?
credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
The Sales Returns and Allowances account is classified as a?
Sales Returns and Allowances are contra revenue accounts because they reduce that total amount of sales. [Sales-Sales returns and allowances=Net sales]. They are reported on the income statement.
Unearned revenue is classified as which type of the account?
contra account
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Sales Discounts are known as?
contra-revenue account
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
What is a typical number for a contra account?
Contra Accounts are typically numbered near or right after the normal account. 5010 Revenue 5011 Returns
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
Is the Sales discount account a debit or credit?
Sales discount is subtracted from gross sales in arriving at net sales. It is a contra revenue account, so it is ALWAYS debit.
What type of account is accumulated depreciation and how is it reported in the financial statements?
Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.
