1.What type of account is cost of goods sold?

A. Asset

B. Contra Revenue

C. Liability

D. Equity--Revenue

E. Equity--Expense

2. What type of account is merchandise inventory?

A. Asset

B. Liability

C. Equity-Capital

D. Equity--Revenue

E. Equity--Expense

3. What type of account is sales discounts ?

A. Asset

B. Liability

C. Equity--Capital

D. Equity--Revenue

E. None of the above