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Wk 1 – Practice: Topic 2: Selling on Credit and Collecting Cash Quick Check with correct answers 100% 2026

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Wk 1 – Practice: Topic 2: Selling on Credit and Collecting Cash Quick Check with correct answers 100% 2026 Which of the following accounts would normally be found on the income statement? -Sales Returns and Allowances -Unearned Service Revenues -Cash -Rent Payable - Correct Answers Sales Returns and Allowances Which of the following accounts would normally be found on the income statement? -Sales Discounts -Accounts Receivable -Taxes Payable -Unearned Service Revenues - Correct Answers Sales Discounts Sales Discounts is which type of account? -Expense -Contra-revenue -Contra-expense -Revenue - Correct Answers Contra-revenue Sales Returns and Allowances is which type of account? -Contra-expense -Revenue -Expense -Contra-revenue - Correct Answers Contra-revenue The difference between gross sales and net sales is: -Sales discounts and sales returns and allowances -Cost of goods sold -Selling and administrative expenses -Gross margin - Correct Answers Sales discounts and sales returns and allowances

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Wk 1 – Practice: Topic 2: Selling on
Credit and Collecting Cash Quick Check
with correct answers 100% 2026
Which of the following accounts would normally be found on the income statement?

-Sales Returns and Allowances

-Unearned Service Revenues

-Cash

-Rent Payable - Correct Answers Sales Returns and Allowances



Which of the following accounts would normally be found on the income statement?

-Sales Discounts

-Accounts Receivable

-Taxes Payable

-Unearned Service Revenues - Correct Answers Sales Discounts



Sales Discounts is which type of account?

-Expense

-Contra-revenue

-Contra-expense

-Revenue - Correct Answers Contra-revenue



Sales Returns and Allowances is which type of account?

-Contra-expense

-Revenue

-Expense

-Contra-revenue - Correct Answers Contra-revenue

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