For the following accounts used by a retail business, determine the normal balance of each account (i.e., does the account normally have a debit or a credit balance?).


DebitCredit
Cost of Goods Sold (COGS)
Sales Discounts
Freight-out
Income Summary with Net Loss

Answer rating: 100% (QA)

As per accounting rule all expenses should be debited and all incomes should be credited Sin... View the full answer