Question: 2. The estimated returns inventory account is reported as a on the balance sheet. a. contra liabilities account b. contra asset account c. current liabilities

2. The estimated returns inventory account is reported as a on

2. The estimated returns inventory account is reported as a on the balance sheet. a. contra liabilities account b. contra asset account c. current liabilities account d. current asset account Click to watch the Tell Me More Learning Objective App3 video and then answer the questions below. 1. Which of the following accounts is not used in the closing process for a periodic inventory system? a. Cost of Merchandise Sold b. Purchases c. Purchase Discounts d. None of these are correct. Show transcribed image text

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