Type of Account and their Normal Balance Flashcards
1
Q
Merchandise inventory
A
Current Assets - Dr
2
Q
Sales Discounts
A
Contra Revenue - Dr
3
Q
Sales Returns and Allowances
A
Contra Revenue - Dr
4
Q
Purchase Returns and Allowances
A
Contra Cost of Goods - Cr
5
Q
Purchase Discoutns
A
Contra Cost of Goods - Cr
6
Q
Freight-in
A
Cost of Goods Sold - Dr
7
Q
Freight-out
A
Expense - Dr
8
Q
Loss on Decline in Value of Inventory
A
Cost of Goods - Dr
