Understand what contra accounts are. For example, Accumulated Depreciation and Sales Discounts. Be familiar with the...
Understand what contra accounts are. For example, Accumulated Depreciation and Sales Discounts. Be familiar with the Normal Balances of these accounts.
Homework Answers
Contra means opposite. Contra accounts are one of the types of general ledger accounts. Contra accounts are linked to the main accounts and will have the opposite balance to the main accounts.
For Example:
Accumulated depreciation will have credit balance as it is related to asset account which is having the debit balance. On the balance sheet asset value will be shown cost of the asset less accumulated depreciation as Net carrying value of the asset.
In case sales discount is related to the sales account. Sales account will have the credit balance, sales discount will have the debit balance as it s a contra account.
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Understand what contra accounts are. For example, Accumulated
Depreciation and Sales Discounts. Be familiar with the...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
An example of a contra - account would be Accumulated Depreciation. O O True False
An example of a contra - account would be Accumulated Depreciation. O O True False
All of the following are contra accounts except: O Purchase Discounts. All of the above answers...
All of the following are contra accounts except: O Purchase Discounts. All of the above answers are contra accounts. Sales Discounts. Trade Discounts.
Which of the following accounts used in the gross method of accounting for sales discounts is...
Which of the following accounts used in the gross method of accounting for sales discounts is considered a contra account? O a. Allowance for Sales Discounts O b. Accounts Receivable C. Cost of Merchandise Sold O d. Merchandise Inventory
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
Med Labs has the following December 31, 2017, yearend unadjusted balances: Allowance for Sales Discounts SO....
Med Labs has the following December 31, 2017, yearend unadjusted balances: Allowance for Sales Discounts SO. and Accounts Receivable. S5,00 or the S5.00 of receivables. S 1.000 are within a 2% discount prod meaning that it expects buyers to take $20 in future-period discounts arising from this period's sales a. Prepare the December 31, 2017, year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of Goods Sold Depreciation Expense Dividend Revenue Discontinued Operations Loss Gain on sale of PP&E Interest Expense Interest Revenue Inventory Loss on Sale of Land Coffee Expense Salaries Expense Sales Sales Discount Sales Returns & Allowances 85,000 300.000 2,200,000 20.000 600.000 1,400,000 275,000 40,000 460,000 700,000 75,000 20,000 120,000 350,000 100,000 1,600,000 8,700,000 100,000 300,000 Tax Rate => 20% What is the second number of...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
An example of a contra - account would be Accumulated Depreciation. O O True False
All of the following are contra accounts except: O Purchase Discounts. All of the above answers are contra accounts. Sales Discounts. Trade Discounts.
Which of the following accounts used in the gross method of accounting for sales discounts is considered a contra account? O a. Allowance for Sales Discounts O b. Accounts Receivable C. Cost of Merchandise Sold O d. Merchandise Inventory
Med Labs has the following December 31, 2017, yearend unadjusted balances: Allowance for Sales Discounts SO. and Accounts Receivable. S5,00 or the S5.00 of receivables. S 1.000 are within a 2% discount prod meaning that it expects buyers to take $20 in future-period discounts arising from this period's sales a. Prepare the December 31, 2017, year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in...
accounts have normal balances) Accounts Payable Accumulated Depreciation Advertising Expense Bad Debt Expense Cash Cost of Goods Sold Depreciation Expense Dividend Revenue Discontinued Operations Loss Gain on sale of PP&E Interest Expense Interest Revenue Inventory Loss on Sale of Land Coffee Expense Salaries Expense Sales Sales Discount Sales Returns & Allowances 85,000 300.000 2,200,000 20.000 600.000 1,400,000 275,000 40,000 460,000 700,000 75,000 20,000 120,000 350,000 100,000 1,600,000 8,700,000 100,000 300,000 Tax Rate => 20% What is the second number of...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
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