Which of the following is false?

A.Both are true

B.When billing a customer who is granted a trade discount, the list price is used.

C.Trade discounts are recognized in the financial statements as Sales discounts

D.Both are false

Which of the following is true?

A. Sales returns and allowances is a contra asset account

B. When estimating future allowances, the company needs to reduce its accounts receivable

C. When granting an allowance, the company needs to reduce its accounts receivable

D. Allowance for sales returns and allowances is a contra revenue account