Which of the following choices best describes what a contra-revenue account is? Question 28Select one: a. It
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Which of the following choices best describes what a "contra-revenue" account is? Question 28Select one: a. It is an account linked to the cost of goods sold account. It has the opposite normal balance as the cost of goods sold account. As its balance goes up, the net sales revenue amount decreases. b. It is an account linked to the sales revenue account. It has the same normal balance as revenue accounts. As its balance goes up, the net sales revenue amount increases. c. It is an account linked to the sales revenue account. It has the opposite normal balance as revenue accounts. As its balance goes up, the net sales revenue amount decreases.
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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