Which of the Following Are the Normal Balances of Sales,Sales

question 160

Multiple Choice

Which of the following are the normal balances of Sales,Sales discounts,and Sales returns and allowances,respectively?

• A) Debit, credit, and credit
• B) Debit, debit, and credit
• C) Credit, debit, and debit
• D) Credit, credit, and debit

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Definitions:

Capital Goods

Long-lasting goods that are used in the production of other goods or services and are not consumed in the production process.

Consumer Goods

Products that are purchased for consumption by the average consumer.

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are used efficiently.

Available Resources

The tangible and intangible assets that can be used or mobilized to achieve specific objectives or to produce goods and services.