Question Which of the following accounts is not closed to the income summary account? A Salary expense. B Accounts payable. C Rent revenue. D Cost of goods sold.
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Question
Which of the following accounts is not closed to the income summary account?
A Salary expense.
B Accounts payable.
C Rent revenue.
D Cost of goods sold.
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- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payableWhich of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenuewhich is NOT a temporary account: Interest expense Inventory Interest income Sale returns & allowances Rent income
- Select the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next QuestionesWhich of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and SaleSeveral accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory REQUIRED: List the accounts above that would normally have a credit balance
- Which of the following accounts is a temporary account? Multiple Choice Accounts receivable. Interest payable. Accounts payable. Cash Salaries expense. Profit margin is defined as: Multiple Choice Net sales divided by net income. Revenues divided by net sales. Net income divided by assets, Net sales divided by assets. Net income divided by net sales.The Sales Returns and Allowances account is reported as a a. Contra-revenue account on the income statement b. Current liability on the balance sheet c. Deduction from accounts receivables d. Selling expense on the incone statementSales Returns and Allowances account is report it like a. contra-revenue account on the income statement. b. current liability on the balance sheet. c. deduction from accounts receivable on the balance sheet. d. selling expense on the income statement.
- Which of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUSWhich of the following is not an example of an operating expense? Select one: a. Salaries Expense b. Insurance Expense c. Rent Expense d. Cost of Goods SoldI have a couple of questions. PLEASE answer thoroughly and explain.1) Are all types of revenue accounts listed on the Income Statement only? And are they always temporary accounts with a credit balance? Do ALL of them affect only RE or do revenues affect other statements and accounts. If so what are they and how do they affect them?2) What role does Cost of Goods Sold play? What is it and why is it listed under Sales and Labor Revenue and deducted from Sales and Labor Revenue? Will there always be a Cost of Goods Sold on the Income Statement. How do you arrive at Gross Profit on the Income Statement if there is not a Cost of Goods Sold? What other accounts if any does Cost of Goods Sold affect? Can you give me an example of Cost of Goods Sold?3) Do expenses like revenues appear only on the Income Statement? What other accounts do they affect, if any? Are they credit balances as well? . Do expenses affect only the RE and are they debited or credited to RE?3)How do you…