Indicate the Normal Balance of Each of the Following Accounts

question 8

Short Answer

Indicate the normal balance of each of the following accounts:
a) Purchases Returns and Allowances
b) Merchandise Inventory
c) Freight-In
d) Sales Returns and allowances
e) Unearned Revenue

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Definitions:

Dosages

A prescribed amount of medication or substance to be taken to achieve a desired therapeutic effect.

Fluid Ounces

A unit of volume used mostly to measure liquids, differing slightly between the US and the UK systems.

Pharmacy

A place where drugs and medicines are prepared and dispensed by a pharmacist, also the science and practice of preparing and dispensing medical drugs.

Milliliters (mL)

A metric unit of volume equal to one-thousandth of a liter, commonly used to measure liquids.