4.which of the following would not be classified as a contra account?

Sales

Sales returns and allowances

Accumulated depreciation

Sales discounts

7- after the accounts are closed and the journal entries have posted which of the following accounts would have a balance

A) Payroll tax expense

b) Professional fees

c) Drawing

c) Sales

c) Accumulated depreciation

8. The sales discount account is a (n)

a. Revenue account

b. Contra-revenue account

c. Expense account

d. Contra-expense account

c. Contra- asset account

9. A company just starting in business purchased three merchandise inventory items at the following price. First purchase $80; second purchase $95; third purchase $85; if the company sold two unites for a total of $250 and used FIFO costing, the gross profit for the period would be.

a) $70.

b) $75.

c) $77.

d) $85.

10. The LIFO inventory method assumes that the costs of the latest units purchased are.

a. The last to be allocated to cost of goods sold.

b. The first to be allocated to ending inventory.

c. The first to be allocated to cost of goods sold.

d. Not allocated to cost of goods sold or ending inventory.