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quizz 5.1 - 1 Which sales accounts normally have a debit...

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1. Which sales accounts normally have a debit balance? A) Sales discounts B) Sales returns and allowances. C) both (a) and (b). D) Neither (a) and (b). Points Earned: 5.0/5.0 Correct Answer(s): C 2. Turner Corporation returned $110 of goods originally purchased on credit form Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: Points Earned: 0.0/5.0 Correct Answer(s): D 3. Haverty Industries increased its gross profit rate from 18.4% in 2009 to 23.7% in 2010. Which of the following would be a possible explanation for this change?
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4. If a purchaser using a perpetual inventory system pays the transportation costs, then the
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