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A corporation can incur liabilities and own property.
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
All purchase transactions, include purchases made on account and purchases for cash, are recorded in the purchases journal.
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
What is the normal balance of Purchases Returns and Allowances?
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
What is the classification of Purchases Discount?
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
Trade Discounts normally are recorded in the purchases discount account.
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
Since contra accounts are offsets (minuses) to their related accounts, contra account normal balances are
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
Cash Short and Over, when having a debit balance, is classified as
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
What is the normal balance of Purchases Discount?
False
Credit
False
opposite the normal balances of their related accounts
Cost of Merchandise
True
Credit
Other Expenses
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