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  1. business
  2. accounting
  3. 1. cash sales $25000 2. credit sales to ubaid $800

1. Cash Sales $25000 2. Credit sales to ubaid $8000 3. Cash purchase $4000 4....

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Accounting

1. Cash Sales $25000 2. Credit sales to ubaid $8000 3. Cash purchase $4000 4. Credit purchase from Abdullah $11000 5. Goods returned to Abdullah $500 6. Ubaid returned goods $ 800 7. Credit sales to Naveed $17000 8. Credit purchase from Tariq $6500 Required a. Journal entries b. Gross profit and net income for the year if operating expenses are $5000 Inventory as at December 31, 2020 $6500 Inventory as at December 31, 2019 $ 4400

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