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Exercise 3 (15 points) 1) The Sales Returns and Allowances account and the Sales Discounts account are both classified as expense accounts. 2) Sales revenues
Exercise 3 (15 points) 1) The Sales Returns and Allowances account and the Sales Discounts account are both classified as expense accounts. 2) Sales revenues are earned during the period cash is collected from the buyer. 3) Net sales is sales revenue less sales returns and allowances and sales discounts. Exercise 4 (20 points) Describe Sales return and allowances, why it happens
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