Question
Match each account with the alternative that best indicates its presentation in the financial statements and its normal balance 1. Returns for Sale (sales returns)
Match each account with the alternative that best indicates its presentation in the financial statements and its normal balance 1. Returns for Sale (sales returns) 2. Discount on Document Receivable 3. Sales Discount NOT Taken 4. Loss on sale of accounts receivable 5. Account receivable from the bank 6. Sales Discount 7. Obligation for responsibility 8. Provision for Uncollectible Accounts pair a) Contra-account of assets, is presented in the Balance Sheet with normal balance CR b. Debt account is presented in the Balance Sheet with a normal balance CR c. Account of the Statement of Income and Expenses with DR balance d. Against Sales account with normal balance and. Asset account, is presented in the Balance Sheet with a normal balance DR F. Contra-account of debt, is presented in the Statement of Situation with normal balance DR g. Account of the Statement of Income and Expenses with normal balance CR h. Contra-account of assets, is presented in the Statement of Situation with normal balance DR
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