Asked by BRANDI PRINCE on Jun 11, 2024
Verified
Sales is a revenue account.
Sales
The total revenue generated from the sale of goods or services over a specific period.
Revenue Account
An account that tracks the income earned from normal business operations, such as sales of goods or services.
- Describe contra-revenue, contra-asset, and revenue accounts and their roles in sales transactions.
Verified Answer
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Ashley DavisJun 16, 2024
Final Answer :
True
Explanation :
Sales is considered a revenue account as it records the income generated from the sale of goods or services, which contributes to a company's gross income.
Learning Objectives
- Describe contra-revenue, contra-asset, and revenue accounts and their roles in sales transactions.
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