All of the following accounts normally have debit balances except:
A)Transportation-in.
B)Cost of Goods Sold.
C)Sales Returns & Allowances.
D)Purchase Returns & Allowances.

Question

Quizplus · Accepted Answer

Purchase Returns & Allowances is a contra account to Purchases and normally has a credit balance, unlike the other options which are expense or expense-related accounts that typically have debit balances.

All of the Following Accounts Normally Have Debit Balances Except