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Contra purchases account

what type of account is "purchases returns and allowances"

contra revenue account

what type of account is "sales returns and allowances"

liability

what type of account is asset retirement obligation?

expense

what type of account is payroll

Temporary Expense

what type of account is the purchases account

freight-out, selling expense which is subtracted from gross profit in calculating net income.

Freight cost incurred by the seller is called _____, and is reported as a....

2% discount if paid 10 days from invoice date. Otherwise, full amount is due within 30 days after invoice date

What does the discount credit term "2/10, n/30" mean?

freight-in, purchases in calculating net purchases

If goods are sold FOB shipping point, freight cost incurred by a purchaser is called ______, and is added to....

F.O.B. destination

If goods are sold ______, the seller is responsible for costs incurred in moving the goods to their desired destination.

F.O.B. shipping point

If goods are sold _______, the purchaser is responsible for paying freight costs incurred in transporting the merchandise from the point of shipment to its destination

periodic

Is the "purchases" account used in the periodic or perpetual inventory system?

Purchase returns account, Purchases allowances account, Purchase discounts account

Name three contra expense accounts