Accounting I Chapter 9

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What is the normal balance of Purchases Returns and Allowances?

The petty cash account Cash Short and Over is a permanent account.

All purchase transactions, include purchases made on account and purchases for cash, are recorded in the purchases journal.

Petty Cash is classified as

The cash discount taken when a customer pays early is called

Purchases Returns and Allowances is a contra account to Cost of Merchandise.

A reduction in the list price granted to customers.

What is the normal balance of Purchases Discount?