TRUE OR FALSE
1. Revenue result in increase in equity and therefore has a credit normal balance.
2. Expenses decrease assets and therefore have credit normal balances
3. Goods returned by customers are added to the Sales Revenue account.
4. The major elements of the income statement are income and expenses.
5. Cost of sales is computed as cost of goods available for sale less ending inventory.
1. Revenue result in increase in equity and therefore has a credit normal balance.
2. Expenses decrease assets and therefore have credit normal balances
3. Goods returned by customers are added to the Sales Revenue account.
4. The major elements of the income statement are income and expenses.
5. Cost of sales is computed as cost of goods available for sale less ending inventory.
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TRUE 1. Revenue result in increase in equity and therefore has a credit normal balance.
TRUE 2. Expenses decrease assets and therefore have credit normal balances.
TRUE 3. Goods returned by customers are added to the Sales Revenue account.
TRUE 4. The major elements of the income statement are income and expenses.
FALSE 5. Cost of sales is computed as cost of goods available for sale less ending inventory.
Answer:
#Brainliest answer need sa new rank
Answer:
1. true
2. true
3. true
4. false
5. true