Question
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: $800,000 70,000 1,000 Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns 3,000 12,000 3,000 6. $ _ Determine total contra revenues for the company 7. $_ _Determine net sales for the company
Answers
Contra revenue account is a revenue account that is expected to have a debit balance. in given case, Sales allowances, Sales discounts and Sales returns are contra revenue account.
6.
Sales allowances $ 1,000 Sales discounts $ 12,000 Sales returns $ 3,000 Total contra revenue $ 16,000 7.
Sales $ 8,00,000 Less: Contra revenue $ -16,000 Net sales $ 7,84,000 You can reach me over comment box, if you have any doubts. Please rate this answer
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