Asked by
Engram Marcum
on Nov 14, 2024
Verified
The respective normal account balances of Sales Revenue Sales Returns and Allowances and Sales Discounts are
A) credit credit credit.
B) debit credit debit.
C) credit debit debit.
D) credit debit credit.
Sales Revenue
The money made from offering goods or services for sale over a specified duration.
Sales Discounts
Sales discounts are reductions in price offered by sellers to encourage buyers to make a purchase, often recorded as a deduction from gross sales.
- Identify the differences among account types such as asset, contra asset, revenue, and contra revenue, and their significance in the accounting of sales transactions.
Verified Answer
MV
Learning Objectives
- Identify the differences among account types such as asset, contra asset, revenue, and contra revenue, and their significance in the accounting of sales transactions.