The gross profit rate would be. 503.. 363.. 400.. 456. 4- Multiple Choice Question 96 The Sales Returns and Allowances account is classified as a( n) contra revenue account. contra asset account. expense account. asset account. 5- Multiple Choice Question 179
On October 4, 2013, JT Corporation had credit sales transactions of $ 3,200 from merchandise having cost $ 1,900. The entries to record the day’ s credit transactions include a
credit of $ 1,900 to Cost of Goods Sold. credit of $ 3,200 to Sales Revenue. debit of $ 1,900 to Inventory. debit of $ 3,200 to Inventory.