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.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. 6- IFRS Multiple Choice Question 257