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9 May, 14:44

For each of the following accounts used by a retail business, determine its classification: asset, contra-asset, liability, revenue, contra-revenue, or expense.

a. Sales Discounts

b. Freight-Out

c. Accumulated Depreciation

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  1. 9 May, 17:47
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    Classification for each of the following account is given below.

    a. Sales Discounts - Sales discount is classified as contra revenue account. These type of accounts has debit balance.

    b. Freight-Out - It is an expense account. These type of accounts has debit balance.

    c. Accumulated Depreciation - This can be classified as contra depreciation account. This account has credit balance.
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Home » Business » For each of the following accounts used by a retail business, determine its classification: asset, contra-asset, liability, revenue, contra-revenue, or expense. a. Sales Discounts b. Freight-Out c. Accumulated Depreciation
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