Inventory Debit, asset, balance sheet Service Revenue Credit, revenue, income statement Allowance for Bad Debts Credit, Contra asset, balance sheet Sales returns and allowances Debit, contra revenue, income statement Cost of goods sold Debit, expense, income stat...
What is LIFO reserve quizlet? The LIFO reserve isthe difference between the inventory reported on the balance sheet and what inventory would be if reported on a FIFO basis. The amount of taxes deferred by choosing LIFO can be learned from this amount. ...