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Author Question: Sales returns and allowances and Sales discounts are ________. A) contra-asset accounts and are ... (Read 129 times)

craiczarry

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on: Jul 5, 2018
Sales returns and allowances and Sales discounts are ________.
 
  A) contra-asset accounts and are netted against Accounts receivable on the balance sheet
  B) contra-expense accounts and netted against Cost of goods sold on the income statement
  C) expense accounts and added to Sales on the income statement
  D) contra-revenue accounts and netted against Sales on the income statement

Question 2

Assuming that the company uses the perpetual inventory system, determine the Gross Profit for the month of Mayusing the LIFO cost method.
 a. 348
  b. 452
  c. 444
  d. 356


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choc0chan

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Reply #1 on: Jul 5, 2018
Answer to Question 1

D

Answer to Question 2

c


craiczarry

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Reply 2 on: Jul 5, 2018
Excellent

emsimon14

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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