Purchases Returns and Allowances is what type of account? a. Contra to Equity b. Contra to...

 

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Purchases Returns and Allowances is what type of account? a. Contra to Equity b. Contra to an Asset O c. Liability O d. Expense Oe. Contra to the cost of Purchases In a manual accounting system, which of the following is incorrect: a. Credit Sales are recorded in the Sales Journal b. Cash Sales are recorded in the Cash Receipts Journal c. Credit Purchases are recorded in the Purchases Journal d. Cash Purchase of a Truck is recorded in the General Journal Oe. Sale of an Office Building on credit is recorded in the General Journal In the books of Jump Ltd a Debit amount of $58,300 including 10% GST, was posted to the Accounts Receivable Control account on the last day of 30th June, 2019. Originally, from which Special Journal would this posting of $58,300 most likely have come from? a. Purchases Ob. General Oc. Cash Payments & Purchases d. Cash Receipts & Sales Oe. Sales Purchases Returns and Allowances is what type of account? a. Contra to Equity b. Contra to an Asset O c. Liability O d. Expense Oe. Contra to the cost of Purchases In a manual accounting system, which of the following is incorrect: a. Credit Sales are recorded in the Sales Journal b. Cash Sales are recorded in the Cash Receipts Journal c. Credit Purchases are recorded in the Purchases Journal d. Cash Purchase of a Truck is recorded in the General Journal Oe. Sale of an Office Building on credit is recorded in the General Journal In the books of Jump Ltd a Debit amount of $58,300 including 10% GST, was posted to the Accounts Receivable Control account on the last day of 30th June, 2019. Originally, from which Special Journal would this posting of $58,300 most likely have come from? a. Purchases Ob. General Oc. Cash Payments & Purchases d. Cash Receipts & Sales Oe. Sales

Answer rating: 100% (QA)

Answer 1 Purchases Returns and Allowances is typically classified as a contra to an expense account ... View the full answer