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Financial Accounting ACCT 2401 Study Guide | Accounting Review, Key Concepts & Practice Questions

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Financial Accounting ACCT 2401 Study Guide | Accounting Review, Key Concepts & Practice Questions

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Financial Accounting ACCT 2401 Study Guide | Accounting Review, Key Concepts & Practice
Questions



Accounting Equation - ANS ✔✔Assets = Liabilities + Owner's Equity



Allowance for Sales Discounts is what kind of asset? - ANS ✔✔Contra asset account (contra to
Accounts Receivable)



What is the normal balance of Allowance for Sales Discounts? - ANS ✔✔Normal credit balance



Sales Refund Payable is what type of account? - ANS ✔✔current liability



What is the normal balance for Sales Refund Payable? - ANS ✔✔normal credit balance



Define sales refund payable. - ANS ✔✔The company returning the customer's money when
they have asked for a refund



Costs of $13,500 were incurred to acquire goods and make them ready for sale. The goods were
shipped to the buyer (FOB shipping point) for a cost of $1,050. Additional necessary costs of
$2,100 were incurred to acquire the goods. No other incentives or discounts were available.
What is the buyer's total cost of merchandise inventory? - ANS ✔✔$16, 650

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