L E IIIITIILL 19. Big Bend Outfitters sold $200,000 worth of t-shirts in 2018. Customers returned $30,000 of t-shirts during 2018. Big Bend uses a perpe would: tual inventory system. To account for these returns Big Bend A. Dcbit Sales Returns for $30.000. B. Credit Sales Rcturns for $30,000. C. Debit Allowance for Sales Returns for $30,000. D. Credit Allowance for Sales Rcturns for $30,000. F. None of the above. 20. Which of the following is not a contra revenue account? A. Sales discounts B. Allowance for sales returns C. Sales returns D. All of the above are contra revenue accounts E. None of the above are contra revenue accounts 21. Which of the following statements is false? A. Notes receivable are always long-term assets. B. Notes receivable are discounted to present valuc. C. Notes receivable include an interest rate. D. Notes receivable typically include a written promissory note. E. All of the above statements are truc. 22. Money market funds, treasury bills and commercial paper are all examples of: A. Cash B. Cash equivalents C. Restricted cash D. Accounts receivable 23. Which one of the following is not one of the five steps for recognizing revenue? A. Identify the contract B. Recognize revenue when (or as) each performance obligation is satisfied C. Identify the performance obligation(s) D. Allocate the transaction price E. Record the receipt of cash