Which of the following best describes the Purchases Returns and Allowances account? a. A contra-expense account with
Question:
Which of the following best describes the Purchases Returns and Allowances account?
a. A contra-expense account with a normal debit balance
b. A contra-expense account with a normal credit balance
c. A contra-revenue account with a normal debit balance
d. A contra-revenue account with a normal credit balance
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The answer is b A contraexpense account with a normal credit balance A contraexpense account is an a...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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