Which statement is incorrect?
A)The sales revenue account is used to record the sales of goods held for resale to customers.
B)Sales discounts are recorded as debits to the sales revenue account.
C)The sales revenue account is a revenue account.
D)The sales revenue account has a normal credit balance and is closed at the end of the accounting period.

Question

Quizplus · Accepted Answer

Sales discounts are recorded as debits to a separate account called "Sales Discounts," not directly to the sales revenue account.

Which Statement Is Incorrect