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Exam 1
Lecture 3
6
Art/Design
5th Grade
01/27/2013
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Term
what do contra accounts represent? -3
 Definition
represent discounts, returns, allowances
Term
contra accounts directly reduce value of _ account
 Definition
Sales
Term
what does 2/10; N30
 Definition
get 2% off of invoice if pay in ten days- otherwise full amount in 30 days
Term
what is a free good?
 Definition
quantity discount where get some merchandise free if buy in quantity
Term
contra-revenue account normally accounted as a -
 Definition
debit
Term
contra-expense account normally accounted as a
 Definition
credit
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