Purchases $ 31,513 Purchase discounts $ 962 Merchandise inventory April 1 $ 6,547 Merchandise inventory April 30 $ 8,884 Sales returns and allowances $ 1,101 Sales $ 52,814 Purchases returns andallowances $ 1,101 Transportation In $ 986
Select the correct answer.
$51,713
$23,489
$30,561
$986
| Purchases | $ 31,513 | Purchase discounts | $ 962 | |
| Merchandise inventory April 1 | $ 6,547 | Merchandise inventory April 30 | $ 8,884 | |
| Sales returns and allowances | $ 1,101 | Sales | $ 52,814 | |
| Purchases returns andallowances | $ 1,101 | Transportation In | $ 986 |
Select the correct answer.
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Related questions
| divide these accounts into current assets, long term assets,laibilities and long term laibilities? CASH |
| INVESTMENT SECURITIES--AVAILABLE FORSALE |
| ACCRUED INTEREST RECEIVABLE |
| ACCOUNTS RECEIVABLE |
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
| ALLOWANCE FOR SALES RETURNS ANDALLOWANCES |
| MERCHANDISE INVENTORY |
| PREPAID INSURANCE |
| STORE SUPPLIES |
| LAND |
| BUILDING |
| ACCUMULATED DEPRECIATION--BUILDING |
| OFFICE AND STORE EQUIPMENT |
| ACCUMULATED DEPRECIATION--OFFICE &STORE EQUIPMENT |
| DELIVERY TRUCKS |
| ACCUMULATED DEPRECIATION--DELIVERYTRUCKS |
| ACCOUNTS PAYABLE |
| FICA TAXES PAYABLE |
| WITHHOLDING TAXS PAYABLE |
| UNEMPLOMENT TAEXES PAYABLE |
| UNION DUES PAYABLE |
| SALARIES AND WAGES PAYABLE |
| ACCRUED UTILITIES PAYABLE |
| MORTGAGE PAYABLE |
| ACCURED INTEREST PAYABLE |
| COMMON STOCK |
| PIC IN EXCESS OF PAR |
| RETAINED EARNINGS |
| SALES |
| SALES RETURNS AND ALLOWANCES |
| SALES DISCOUNTS |
| INTEREST REVENUE |
| PURCHASES |
| PURCHASE RETURNS AND ALLOWANCES |
| PURCHASE DISCOUNTS |
| FREIGHT-IN |
| COST OF GOODS SOLD |
| SALARIES AND WAGES EXPENSE |
| PAYROLL TAX EXPENSE |
| ADVERTISING EXPENSE |
| REPAIR EXPENSE |
| SUPPLIES EXPENSE |
| UTILITIES EXPENSE |
| INSURANCE EXPENSE |
| DEPRECATION EXPENSE |
| DOUBTFUL ACCOUNT EXPENCE |
| INTEREST EXPENSE |
1. Purchases, $96â; Grossâ Sales, $176â; Sales Returns andâAllowances, $15â; Salesâ Discounts, $24â; Operatingâ Expenses,$55â; Netâ Sales, $137â; âFreight-In, $9â; Beginningâ Inventory,$18â; EndingâInventory, $8â; Netâ Purchases, $62â; Cost of GoodsâSold, $ 81
a. The gross profit is __
â(Use parentheses or a minus sign to show a netâ loss.)
b. The net income or net loss is __
2.
âJack's Online Service on April 30 has the following accountâbalances:
Sales | $27,000 | |
Sales Returns and Allowances | $10,000 | |
Purchases | $16,000 | |
FreightminusâIn | $1,700 | |
Purchase Returns and Allow. | $2,200 | |
Purchases Discounts | $1,400 |
Net purchases for the periodâ are:
3. The entry to record a payment on a $660 account within the3â% discount period would includeâ a: (Round your calculation tothe nearest wholeâ dollar.)
A. debit to Cash for $660.
B. debit to Accounts Payable for $640.
C. debit to Accounts Payable for $660.
D. credit to Purchases for $640.
