What is the classification of Purchases?

What is the classification of Purchases Discount?

What is the classification of Purchases Returns and Allowances?

What is the normal balance of Purchases?

What is the normal balance of Purchases Discount?

What is the normal balance of Purchases Returns and Allowances?

Trade Discounts normally are recorded in the purchases discount account.

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

Supplies bought for use in a business are recorded in the

Since contra accounts are offsets (minuses) to their related accounts, contra account normal balances are

Merchandise with a list price of $1,000.00 is purchases on account for $800.00 on December 1. Terms of sale are 2/10, n/30. Payment is made on December 17. The amount paid should be

A corporation can incur liabilities and own property.

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

When supplies are purchased on account for the use in the business, the amount in recorded in the purchases journal.

Petty Cash is classified as

Cash Short and Over, when having a debit balance, is classified as

Cash Short and Over, when having a credit balance, is classified as

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

The cash discount taken when a customer pays early is called

A reduction in the list price granted to customers.

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