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Which of the following is correct? Group of answer choices Purchases Discounts is a contra...

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Question

Accounting

Which of the following is correct?

Group of answer choices

Purchases Discounts is a contra cost account and carries a credit balance.

Purchases Discounts is an expense account and carries a debit balance.

Purchases Discounts is an asset account and carries a credit balance.

Purchases Discounts is an expense account and carries a credit balance.

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