Which of the following is a contra revenue account that normally has a debit balance? O a. Freight out O b. Sales Returns and Allowances O c. Sales O d. Cost of goods sold Debits usually: O a. Increase assets and liabilities O b. Decrease assets and liabilities O c. Increase assets and decrease liabilities O d. Decrease assets and increase liabilities Which of the following items on a bank reconciliation requires an adjusting entry on the company's books? O a. An error by the bank O b. A deposit in transit O c. Outstanding cheques O d. A bank service charge The cost basis of accounting states that: Assets should be reported at their historical cost O b. Assets should be reported at their fair value O c. Cost is more relevant than fair value O d. The benefits should exceed the cost of providing information