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Question Content Area Which of the following statements is NOT true? a.Purchase Discounts is a contra account. b.Freight costs are included when determining discounts. c.Sales

Question Content Area

Which of the following statements is NOT true?

a.Purchase Discounts is a contra account.

b.Freight costs are included when determining discounts.

c.Sales Discounts is a contra-revenue.

d.Sales Returns & Allowances has a DR normal balance.

Question Content Area

An adjusting entry to record expired or used insurance is

a.Increase Insurance Expense with a CR

b.Increase Prepaid Insurance with a CR

c.Increase Insurance Expense with a DR

d.Increase Prepaid Insurance with a DR

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