Practice and review for POA result.docx - I Part I 1 Gross profit from sales is the difference between a net sales and operating expenses b net sales

Practice and review for POA result.docx - I Part I 1 Gross...

This preview shows page 1 - 3 out of 10 pages.

I. Part I 1.Gross profit from sales is the difference between a.net sales and operating expensesb.net sales and the cost of goods soldc.net sales and the cost of goods sold plus all the expensesd.gross sales less the sales discounts and sales returns and allowances 2.The buyer received an invoice from the seller for merchandise witha list price of $400 and credit terms of 2/10, n/60. The number 10 in the credit terms is the 3.Under the periodic inventory system, the Purchases account is usedto record 4.The Sun Set Shade Company purchased three pieces of office equipment for a total price of $2,100. One piece of equipment costing $800 was damaged on delivery and was returned to the vendor. The invoice has not been paid. The proper journal entry forthe return is 5.Which of the following accounts is not a temporary account? a.Income Summaryb.Rental Revenuec.Capital
Image of page 1
d.Withdrawals 6.Revenue and expense accounts at the beginning and end of the accounting period should have
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 10 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes