Which of the Following Is Not a Contra Revenue Account

A contra accounts natural balance is the opposite of the associated account. All of the following are contra revenue accounts except.

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Which of the following is an example of a contra revenue account.

. Which of the following accounts is not a contra-revenue account. Which of the following is not included when computing Net Purchases. All of the following are contra revenue accounts except.

It adversely affects many accounts such as cash account if the company sells the goods on cash debtors account Debtors Account A debtor is a borrower who is liable to pay a certain sum to a credit supplier such as a bank credit card company or goods. Unearned revenue is revenue that the business has not yet earned for example if the business has received an annual membership fee in advance in month one only one twelfth of the revenue has been earned and the remaining eleven months is unearned. Learn this topic by watching Net Sales Concept Videos.

A contra revenue account is a revenue account that is expected to have a debit balance instead of the usual credit balance. Sales discounts Credit card discounts Sales returns and allowances Allowance for doubtful accounts. Asked Dec 24 2020 in Business by karinchako.

Which of the following accounts is not a contra-revenue. Contra revenue transactions are recorded in one or more contra revenue accounts which usually have a debit balance as opposed to the credit balance in the typical revenue account. Sales Returns and Allowances d.

No need to wait for office hours or assignments to be graded to find out where you took a wrong turn. The following examples help to illustrate how a business might highlight and calculate the balance within two of the most common types of contra asset accounts an accumulated depreciation account and an allowance for doubtful accounts. Which of the following is NOT a contra revenue account.

Contra revenue is a deduction from the gross revenue reported by a business which results in net revenue. Allowance for doubtful accounts. It is reported on the balance sheet as a stockholders equity account.

Unearned revenue is not a contra revenues account. If sales revenues are 400000 cost of goods sold is 310000 and operating expenses are 60000 the gross profit is. All of the following are contra revenue accounts except a.

Unlike static PDF Financial Accounting with Connect Plus 8th Edition solution manuals or printed answer keys our experts show you how to solve each problem step-by-step. Asked Dec 24 2020 in Business by karinchako. Sales Revenue _____ is shown on a multiple-step but not on a single-step income statement.

In other words its expected balance is contrary toor opposite ofthe usual credit balance in a revenue account. Accounting of contra revenue is very complicated as the same is increased accounting work. Sales returns and allowances.

Cost of Goods Sold. You can check your reasoning as you tackle a problem using our. Contra accounts must be reported for intangible assets in a manner similar to accumulated.

The Contra Revenue Account. Which of the following is an example of a contra-revenue account. Deduction from accounts receivable on the balance sheet.

Sales returns and allowances D. Sales Returns Allowances Sales Discounts Freight Out Sales Returns Allowances and Sales Discounts are contra revenue accounts but Freight out is not. Allowance for doubtful accounts.

Which of the following accounts is not a contra-revenue account. Bad Debt Expense f. Current liability on the balance sheet.

Contra revenue transactions are recorded in one or more contra revenue accounts which usually have a debit balance as opposed to the credit balance in the typical revenue account. Contra accounts must be reported for intangible assets in a manner similar to accumulated depreciation and property plant and equipment. Is Unearned Revenue a Contra Account.

Sales return and allowances D. Contra revenue is a deduction from gross revenue which results in net revenue. Sales Returns and Allowances account is report it like a.

Contra-revenue account on the income statement. Selling expense on the income statement. Accounting questions and answers Which of the following accounts is not a contra-revenue account.

Credit card discounts C. All of the following are contra revenue accounts except. Multiple Choice aSales discounts bAllowance for doubtful accounts cSales returns and allowances dCredit card discounts.

Which of the following are contra-revenue accounts. Credit card discounts C. Check all that apply Select one or more.

On October 2 DV Company has cash sales of 3200 from merchandise having a cost of 2500. A contra account is an account used in a general ledger to reduce the value of a related account. A contra revenue account allows a company to see the original amount sold and to also see the items.

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