Identify the statement below that correctly describes the Sales Returns and Allowances account.
A) It normally has a debit balance.
B) It is a liability account.
C) It is an expense account.
D) It normally has a credit balance.
Correct Answer:
Verified
Q3: A sales return or a sales allowance
Q4: The individual amounts in the Accounts Receivable
Q5: In a firm that uses special journals,
Q6: To indicate that the column totals of
Q7: In a firm that uses special journals,
Q9: A firm that sells goods that it
Q10: In a firm that uses special journals,
Q11: A customer who returns goods or receives
Q12: The Sales Returns and Allowances account has
Q13: The Sales account is classified as
A)a revenue
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