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2 years ago

The sales returns and sales allowances accounts are classified as

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6 0

These two Sales Revenue accounts (the sales returns and sales allowances) are classified as <em>Contra accounts.</em> They have debit balances unlike the Sales Revenue account.

The purpose of their creation is to maintain the Sales Revenue account at its gross amount for measure purposes.

The Sales Returns account is the General Ledger account for recording goods returned by customers. It reduces the Accounts Receivable account, which is credited with Sales Returns.

The Sales Allowances account records allowances granted to customers for defective goods, which reduce their balances.

Thus, the two sales accounts are contra accounts and they have debit balances.

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An oil cartel effectively increases the price of oil by 100% causing a shock in oil consuming countries A and B. The FED in coun

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When an oil cartel effectively increases the price of oil by 100% causing a shock in oil consuming countries A and B.

The FED in country A takes immediate action increasing the money supply, while FED in inflationary country B does not take any action

In this case, in long term "Both countries return to their long-term stable equilibrium, but country A will remain with a higher price level than country B".

<h3>What is Federal Reserve System (FED)?</h3>

The nation's central banking system is the Federal Reserve System, usually referred to as the Federal Reserve or just the Fed.

The Fed offers a secure, adaptable, and stable monetary and financial system to the nation.

The Fed's primary responsibilities include-

overseeing and regulating banks,
implementing national monetary policy,
preserving financial stability, and
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2 years ago

Economic efficiency is A. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its

pickupchik [31]

Answer: Option B

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4 years ago

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my best guess would be C.

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3 years ago

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