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Catch the retail accounts

Exercise and reference answers

Items
  1. Matches the category
    Yes
    Item
    Inventory
  2. Matches the category
    Yes
    Item
    Cost of goods
  3. Matches the category
    Yes
    Item
    Sales returns
  4. Matches the category
    Yes
    Item
    Sales discount
  5. Matches the category
    No
    Item
    Sonata
  6. Matches the category
    No
    Item
    Pigment
  7. Matches the category
    No
    Item
    Trellis
  8. Matches the category
    No
    Item
    Lantern
Category
Accounting
Instructions
Catch the merchandising accounts. Let the rest fall.

Explanation

_Source: OpenStax Principles of Financial Accounting, Chapter 6, Merchandising Transactions._
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