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    Principles of Financial Accounting Study Set 1
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    Exam 5: Accounting for Merchandising Operations
  5. Question
    The Purchase Returns and Allowances Account Is Classified as
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The Purchase Returns and Allowances Account Is Classified as

Question 14

Question 14

Multiple Choice

The Purchase Returns and Allowances account is classified as


A) an asset account.
B) a contra asset account.
C) an expense account.
D) a contra expense account.

Correct Answer:

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