New accounts Flashcards
1
Q
Merchandise Inventory
A
Current Asset
2
Q
Sales
A
Revenue
3
Q
Sales Returns &; Allowances
A
Contra-revenue
4
Q
Sales Discounts
A
Contra-revenue
5
Q
Purchases
A
Cost of goods sold (COGS) (expense)
6
Q
Purchase Returns &;
Allowances
A
Contra COGS
7
Q
Purchase Discounts
A
Contra COGS
8
Q
Freight-In
A
COGS expense
