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...

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I. Part I 1.Gross profit from sales is the difference between sales and operating sales and the cost of goods 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
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d.Withdrawals 6.Revenue and expense accounts at the beginning and end of the accounting period should have
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