College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
For each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account.
- a. Sales Returns and Allowances
- b. Merchandise Inventory
- c. Sales
- d. d Freight In
- e. Purchases Returns and Allowances
- f. Sales Tax Payable
- g. Purchases
Indicate whether the given items are debited or credited in normal balance and also specify whether they are contra account.
Merchandising businesses:
Merchandising companies which buy goods from suppliers, or manufacturers, and sell to retailers are referred to as merchandising businesses. These companies act as middlemen between manufacturing and retailing companies.
| Items | Debit/ Credit | Contra account |
| a. Sales return and allowances | Debited | Contra account |
| b. Merchandise inventory | Debited | Â |
| c. Sales | Credited | Â |
| d. Freight in | Debited | Â |
| e. Purchase returns and allowances | Credited | Contra account |
| f... |
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