Solved

Which of the Following Does Not Correctly Describe the Following

Question 125

Multiple Choice

Which of the following does not correctly describe the following journal entry? Which of the following does not correctly describe the following journal entry?   A) Current assets decrease. B) Gross profit decreases. C) Net sales decreases. D) Net income is not affecteD.The debit to the credit card discount account is a contra-revenue account, which reduces both gross profit and operating income.


A) Current assets decrease.
B) Gross profit decreases.
C) Net sales decreases.
D) Net income is not affecteD.The debit to the credit card discount account is a contra-revenue account, which reduces both gross profit and operating income.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions