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 .