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    Financial Accounting Tools Study Set 4
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    Exam 5: Merchandising Operations and the Multiple-Step Income Statement
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    Which Statement Is Incorrect
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Which Statement Is Incorrect

Question 204

Question 204

Multiple Choice

Which statement is incorrect?


A) The sales revenue account is used to record the sales of goods held for resale to customers.
B) Sales discounts are recorded as debits to the sales revenue account.
C) The sales revenue account is a revenue account.
D) The sales revenue account has a normal credit balance and is closed at the end of the accounting period.

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