Sales returns and allowances and Sales discounts are ________. ...

[craiczarry]

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

[choc0chan]

Answer to Question 1

D

Answer to Question 2

c

[craiczarry]

TYSM

[scikid]

Thanks for the timely response, appreciate it