71 the freight in account is an operating expense account 72 mortgage payable is a 4303510


71) The Freight-in account is an operating expense account.

72) Mortgage Payable is a contra-liability account.

73) Mortgage Payable is found on the income statement.

74) Sales Discount is used when calculating Net Purchases.

75) Indicate the normal balance of each of the following accounts:

a) Purchases Returns and Allowances

b) Merchandise Inventory

c) Freight-In

d) Sales Returns and allowances

e) Unearned Revenue

76) Under the periodic inventory method, indicate the financial statement(s) on which you would find the following items:

a) Cost of goods sold

b) Freight-In

c) Ending Inventory

d) Beginning Inventory

e) Sales Discount



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