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Which of the following statements regarding sales returns and allowances is false? Multiple Choice Sales returns and allowances are recorded in a separate contra-revenue account.

Which of the following statements regarding sales returns and allowances is false?

Multiple Choice

Sales returns and allowances are recorded in a separate contra-revenue account.

Sales returns and allowances are closed to the Income Summary account.

The Sales Return and Allowance account carries a normal debit balance.

Sales returns and allowances do not have an impact on gross profit.

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