Homework Answers
Contra revenue account is a revenue account that is expected to have a debit balance. in given case, Sales allowances, Sales discounts and Sales returns are contra revenue account.
6.
| Sales allowances | $ 1,000 |
| Sales discounts | $ 12,000 |
| Sales returns | $ 3,000 |
| Total contra revenue | $ 16,000 |
7.
| Sales | $ 8,00,000 |
| Less: Contra revenue | $ -16,000 |
| Net sales | $ 7,84,000 |
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