$9,200. To adjust the accounts, Jim’s Jeans would make which of the following entries?
7.Suppose Discount Dollar’s Purchases totaled $68,000, Purchase Returns totaled $5,200, Purchase Allowances totaled $1,500, Purchase Discounts totaled $2,800, and Freight In totaled $5,000. What is Discount Dollar’s net purchases?
8.FOB shipping point refers to the situation in which title to goods in transit rests with theA.seller.B.buyer.C.shipping company.D.transportation company.
9.The Sales Discounts account is a contra account to which of the following accounts?
10. Assume Easy Electronics had net Sales of $100,000, and Cost of Goods Sold of $75,000. Average Inventory was $15,000. What is the gross profit percentage for Easy Electronics for this period?