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A sales invoice is a source document that
provides evidence of incurred operating expenses.
provides evidence of credit sales.
serves only as a customer receipt.
provides support for goods purchased for resale.
3-
Multiple Choice Question 149
Financial information is presented below:
Operating Expenses $ 45,000
Sales Returns and Allowances 9,000
Sales Discounts 6,000
Sales Revenue 160,000
Cost of Goods Sold 87,000
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.