One example of a contra-asset is: A. Sales Discount B. Sales Returns and Allowances C. Uncollectible Accounts Expense D. None of the above are contra assets

The journal entry to record a sales return made by a customer would include: A. A debit to Accounts Receivable and a credit to Sales Returns B. A debit to Cash and Sales Returns C. A debit to Sales Returns and a credit to Accounts Receivable D. A debit to Accounts Receivable and a credit to Cash

In times of rising prices, ______ generally result(s) in the ______ ending inventory. A. LIFO and FIFO, same B. LIFO, higher C. FIFO, lower D. LIFO, lower