Question 1

the sales account is classified as

Accepted Answer

a revenue account

Answer

a liability

Answer

an assets account

Answer

a contra account

Question 2

the sales returns and allowances account is presented on the

Accepted Answer

income statement as a deduction from sales

Answer

balance sheet as a deduction from Account Receivables

Answer

Balance sheet as a deduction from Capital account

Answer

income statement as addition to sale

Question 3

net purchase =

Accepted Answer

gross purchase-purchase returns-purchase discount

Answer

gross purchase -purchase returns

Answer

gross purchase-purchase discount

Answer

gross purchase

Question 4

cost of goods sold =

Accepted Answer

cost of goods available for sale- ending inventory

Answer

cost of goods sold - beg inventory

Answer

cost of purchase - Ending Inventory

Answer

cost of goods available for sale-Begining Inventory

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