Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 03, 2024

Which of the following is true about the Sales Returns and Allowances account? a. It is used to record sale of merchandise b. It is

Which of the following is true about the Sales Returns and Allowances account?

a. It is used to record sale of merchandise

b. It is used to record the reduction of inventory

c. It is a contra account, deducted from sales

d. It is used to record discounts for prompt payment.

e. none of the above.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson,

4th ISA Edition

1844806782, 9781844806782

More Books

Students also viewed these Accounting questions

Question

★★★★★

What are the five steps in figuring a potential rate of return to invest in a stock?

Answered: 1 week ago

Question

★★★★★

Describe the 7Ps model for services marketing. Give examples in the hotel industry. LO1

Answered: 1 week ago

Question

★★★★★

2. Do you think that situation-specific selfconfidence developed in one sport situation can be transferred to another situation or even to global self-confidence? Explain and defend your response.

Answered: 1 week ago

Question

★★★★★

Multiple Choice Questions 1. Which of the following combinations correctly describes the relationship between foreign currency transactions, exchange rate changes, and foreign exchange gains and...

Answered: 1 week ago

Question

★★★★★

Assume that on November 1, the spot rate of the British pound was $1.58 and the price on a December futures contract was $1.59. If the spot rate by November 30 was $1.51, should you have purchased or...

Answered: 1 week ago

Question

★★★★★

List those relationships, ratios, and trends that you believe will provide useful information about the overall reasonableness of accounts payable. You should consider income statement accounts that...

Answered: 1 week ago

Question

★★★★★

During the gasoline "crises" of the 1970s and early 1980s, many people asked why, in view of the gasoline shortage, such "utterly wasteful uses of gasoline" as auto racing were still permitted. Many...

Answered: 1 week ago

Question

★★★★★

Explain the steps involved in training programmes.

Answered: 1 week ago

Question

★★★★★

Explain in detail the objectives of management development programme.

Answered: 1 week ago

Question

★★★★★

What are the need and importance of training ?

Answered: 1 week ago

Question

★★★★★

Supply Chain Processes: Transportation, Storage and Distribution A U.S. medical products' manufacturer and distributors has the following flagship products in the product portfolio. The company has...

Answered: 1 week ago

Question

★★★★★

Factors Affecting Conflict

Answered: 1 week ago

Question

★★★★★

Describe the factors that lead to productive conflict

Answered: 1 week ago

Question

★★★★★

Understanding Conflict Conflict Triggers

Answered: 1 week ago

Previous Question Next Question