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Purchase Return and Allowances is a contra account and its normal balance would be...?
a debit and credit
Freight account is a contra purchase account true or false?
True
What type of account is Purchases returns and allowances?
A contra purchase account
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
Purchase Return and Allowances is a contra account and its normal balance would be?
a debit and credit
Purchase Return and Allowances is a contra account and its normal balance would be...?
a debit and credit
Purchase Return and Allowances is a contra account and its normal balance would be.?
a debit and credit
True or false that purchase return and allowances is contra account and its normal balance would be credit?
true
Freight account is a contra purchase account true or false?
True
What type of account is Purchases returns and allowances?
A contra purchase account
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
What kind of an account are sales return and allowances?
Sales Returns and Allowances is a contra income account.
What are the examples of capital contra account?
is accumulated depreciation a contra 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.
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
What is the journal entry for goods return?
If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx
