The Sales Discounts account is a contra account to which of the following accounts? Cost of Goods

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

Question:

The Sales Discounts account is a contra account to which of the following accounts?

Cost of Goods Sold

Sales Returns and Allowances

Purchases Discounts

Sales Revenue

Related Book For answer-question

College Accounting A Practical Approach

ISBN: 978-0133133233

12th edition

Authors: Jeffrey Slater

See More Books

Posted Date: Oct 17, 2022 06:30 AM

See More Questions

Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Capital Stock, (b)...
Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Capital Stock, (b)...
Which of the following accounts would most likely vary directly with the level of a firms sales? Discuss each briefly. YES No YES NO Cash Marketable securities Accounts payable Notes payable nd...
Sita lived in a village and could, not afford refrigerator in her house. She knew how to keep water cold and preserve all perishable items in her house. She kept ivet cloth surrounding the earthen...
Ace Corporation does not conduct a complete annual physical count of purchased parts and supplies in its principal warehouse but, instead, uses statistical sampling to estimate the year-end...
Five years ago, Jerome bought 100 shares of Kodak at $60 per share. Last month, he sold the 100 shares at $55 per share. Jerome has a capital gain from the sale. True or False
Sumitomo Cable manufactures various types of aluminum and copper cables which it sells directly to retail outlets through its distribution channels. The manufacturing process for producing cables...
During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim...
Annual sales (in millions of units) of a certain brand of tablet computers are expected to grow in accordance with the function f ( t ) = 0.18 t 2 + 0.16 t + 2.64 (0 t 4) per year, where t is...
The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended. The beginning-of-the-year fund balance was $160,160....
Figure 2 below shows a brake with only one shoe, being applied by 1.5KN force F. Fou seconds after force F is applied, the drum comes to a stop. During this time the drum make 110 revolutions. Use...
According to an autograph association, only 6% of autographs in circulation from a certain band are estimated to be real. If there are 74 authentic autographs of the band in circulation, then how...
The Apollo's Chariot is a rollercoaster at Busch Gardens with a top speed of 117 km/hr. Its initial (and tallest) descent can be modeled by h(t) = 52 - 4.912, where his in meters and i is in seconds....
Minimize the following Boolean functions using K-maps: a) f (a, b, c) = (2, 3, 6, 7) = (2, 3, 6, 7, 12, 13, 14) b) f (a, b, c, d) c) f (a, b, c) = (0, 3, 4, 7) d) f (a, b, c, d) = e) f (a, b, c, d)...
1) Add the Value 2 to the tree and Balance the AVL Tree 3 5 4 6
What is 20% of 90? Write your answer rounded to the nearest whole number. r30% of 240 is what number? Round your answer to the nearest whole number. r230% of what number is 460? Round your answer to...
A company predicts they will make $3,762 per year over the next 18 years if they spend $9,566 on a capital expenditure (an asset with multi-year use). If the TVOM is 17.2%, how much is this...
What are the four types of poultry production systems? Explain each type.
From the following, prepare a chart of accounts. Copy machine ....... Legal Fees Earned Salary Expense ........ L. Jones, Capital Accounts Payable ....... Cash Accounts Receivable ..... Advertising...
Marble Corporation in its first three years of operation paid out the following dividends: Year 1: $0 Year 2: $29,000 Year 3: $86,000 Given that Marble has 2,900 shares of $104 par 10.0%...
Wendy Ellis operates a wholesale computer center. The account balances as of October 1, 201X, are as follows. If using working papers, be sure to put in beginning balances. Your tasks are to do the...
Macquarie Manufacturing Ltd prepared the following planned production data for the forthcoming year ending 30 June 2019. Required (a) Prepare a table showing the predetermined factory overhead rate...
Beautiful Bottles Pty Ltd, bottle manufacturer for the food industry, has just installed a job order costing system. The company uses machine hours to apply its overhead to work in process. On 1 May...
Green Consultants Pty Ltd specialise in consulting on landscape design. The company developed a predetermined charge-out rate based on hours for each of its consultants on 1 July 2019 to assign the...

The Sales Discounts account is a contra account to which of the following accounts? Cost of Goods

Question:

Expert Answer:

The correct option is Sales revenue From Sal... View the full answer

College Accounting A Practical Approach

Students also viewed these accounting questions