WebAccounting questions and answers. SECTION A - 20 Marks 1. Sales Returns and Allowances: a) Is a contra revenue account. b) Has a normal debit balance. c) Appears on the income statement. d) All of the above. 2. Recording a sale requires a: a) Credit to a revenue account and a debit to an asset account. b) Debit to Cash and a credit to … WebHá 1 dia · The CRA originally stated less than 2 per cent of GST/HST credit and OTB payments were impacted. In correspondence with the CRA, BayToday has learned "approximately 217,000 of the more than 13 ...

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WebIf Salaries and Wages Expense is $450,600 during the year and the beginning and ending balances of Salaries and Wages Payable are $18,300 and $16,800, respectively, the cash paid to employees is: A. $449,100 B. $433,800 C. $450,600 D. $452,100. Wages and salaries in March were $10,300, of which $8,000 was actually paid to employees. Web15 de jul. de 2024 · A contra account contains a normal balance that is the reverse of the normal balance for that class of account. The contra accounts noted in the preceding … high power field vs low power field

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WebThis sample chart of accounts is for a company that generates both service revenue as well as sales revenue. It uses a perpetual inventory system. Accounts used in a periodic inventory system follow at the end of this … Web18 de mar. de 2024 · Every business transaction, such as a sale, a purchase, or a payment, has either an associated debit or credit value. All this is basic and common sense for … Web24 de out. de 2024 · Revenue is the total gross income a company generates, while sales of goods or services are the primary source of revenue for most companies. high power field magnification