Discussion Questions 1 What is the difference between a wholesale business and a retail business 2 For each of the following accounts, identify whether the normal balance is a debit or a credit Also specify whether the account is a contra account a Sales Returns and Allowances b Merchandise Inventory c Sales d Freight In e Purchases Returns and Allowances f Sales Tax Payable g Purchases Discussion Questions 1 What is the difference between a wholesale business and a retail business 2 For each of the following accounts, identify whether the normal balance is a debit or a credit Also specify whether the account is a contra account a Sales Returns and Allowances b Merchandise Inventory c Sales d Freight In e Purchases Returns and Allowances f Sales Tax Payable g Purchases

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Question: Discussion Questions 1. What is the difference between a wholesale business and a retail business? 2. For each of the following accounts, identify whether the

Discussion Questions 1. What is the difference between a wholesale business and a retail business? 2. For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchases

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