The normal balances of Sales, Sales Discounts, and Sales Returnsand Allowances are: debit, credit, and credit, respectively

Fantastic news! We've Found the answer you've been seeking!

Question:

The normal balances of Sales, Sales Discounts, and Sales Returnsand Allowances are:

debit, credit, and credit, respectively

debit, debit, and credit, respectively.

credit, debit, and debit, respectively.

credit, credit, and debit, respectively.

Related Book For answer-question

Financial Accounting

ISBN: 978-0078111020

7th Edition

Authors: LibbyShort

See More Books

Posted Date: Dec 13, 2022 12:20 PM

See More Questions

33. You are valuing a company that had sales of 50000 in 2018 and the expected year-on-year growth rate of sales for years 2019 and 2020 are 4% and 2%, respectively. For both years 2019 and 2020 you...
Sales discounts and sales returns are accounted for as reductions of revenue. If they were accounted for as expenses, wouldnt the effect on net income be the same? Why not just treat sales discounts...
The words debit and credit are used in two ways in accounting: ''e.g., to debit an account'' and ''a debit balance.'' Explain both usages of the terms debit and credit.
2. LIMIT COMPARISON TEST: SPECIAL CASES The Limit Comparison Test is most often used when the limit L= lim ak lies in the interval (0, oo). In the case where L is zero or infinity, we can still...
The Heartland Distribution Company is a food warehouse and distributor that has a contract with a grocery store chain in several Midwest and Southeast cities. The company wants to construct new...
Masters Corp. has two bonds with 20-years remaining until maturity. Both bonds are unsecured and are callable at $1,050.Bond A was issued 20 years ago with a coupon rate of 6%. Bond B was issued 10...
Refer to the information in Exercise 17-7 to answer the following requirements. Required 1. Using ABC, compute the overhead cost per unit for each product line. 2. Determine the total cost per unit...
On December 31, 2014, Hattie McDaniel Company had $1,200,000 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 25,000 shares of its common...
In service partnerships, if properly booked for tax purposes pursuant to Treasury Regulations under IRC 731, partners who receive so-called "draw" allowances are not deemed to receive distributions...
Which series has the highest beta. BraveNewCoin Liquid Index for Bitcoin 1D BNC Trading Brave Ne Yellow Green Blue Orange
The velocity of circulation grows at 1 percent and real GDP grows at 3 percent. If the quantity of money grows at 2 percent, the inflation rate is A. 10 percent. B. 4 percent. C. zero. D. 8 percent....
I'm stuck - Hypothetical - Setting up a small business part time from home, what type of computer system is needed and include peripherals you will need - ie printer, modem, scanner, software etc
1 0.5 points Question at position 1 In 2023, Bob sold a piece of property (AB = $93971) for $1024512. The purchase price is to be paid as follows: down payment of $213847 (no interest) in 2023 and...
Reflecting on the "Sometimes, Often, Always, Never" exercise, explain why it is so easy for communication to break down. What can you do to ensure a successful outcome in a situation in which you...
Marlon Brando died at the age of 80. If he spent 1/12 of his life as a child, 2/7 of his life as a youth, 3/8 of his life as an adult, and the rest of his life in old age: 1. For what fraction of his...
Which type of report uses financial models to track trends within the business, industry, and economy to predict revenue and profit opportunities?
Omega Ventures, a San Deigo-based VC, is planing to invest $20 million in the Series A of a startup operating in the distance learning sector. Prior to the Series A, the startup founders own 30...
What are three disadvantages of using the direct write-off method?
You have the chance to purchase the royalty interest in a gas well in the Barnett Shale. Your best estimate is that the net royalty income will average $25,000 per year for seven years. There will be...
The annual report for American Airlines contained the following information: In addition to pension benefits, other postretirement benefits, including certain health care and life insurance benefits...
Define retained earnings. What are the primary components of retained earnings at the end of each period?
Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is depreciated using the straightline method over a useful life of 8 years with a residual value of $80 000....
The purchases and sales of Big Flower Pty Ltd of one brand of lawn fertiliser for the year ended 31 December 2019 are contained in the schedule below. The selling price up to 30 June was $12 per unit...
In groups of four or five, consider the following information. On 1 July 2019, Stevenson Pty Ltd, a proprietary company with three shareholders, acquired some property by issuing 100 000 shares to...

The normal balances of Sales, Sales Discounts, and Sales Returnsand Allowances are: debit, credit, and credit, respectively

Question:

Expert Answer:

Debit debit and credit respectively for the normal balances of Sales Sale... View the full answer

Financial Accounting

Students also viewed these accounting questions