ACCT 701 Module 2 Assessment 2 Review 2018 - Module 2 Assessment 2 2018 Review 9\/9 100 Question 1\"Y Company began the accounting period with

ACCT 701 Module 2 Assessment 2 Review 2018 - Module 2...

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Module 2 Assessment 2 2018 Review 9/9 100% Question 1"Y" Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period.The cost of goods sold of Y Company for the period is: Select one:a. $252,000.b. $228,000.c. $168,000.d. $300,000.e. None of the above. Question 2A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be: Question 3On a sales invoice, "2/10, n/30" means

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