Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. name: 1. sales revenue less cost of goods sold (cg

Name: 1. Sales revenue less Cost of Goods Sold (CGS) is called A) B) Gross...

50.1K

Verified Solution

Question

Accounting

image
Name: 1. Sales revenue less Cost of Goods Sold (CGS) is called A) B) Gross Profit (GP) Net Profit (NP) C) Net Income (NI) D) Marginal Income. 2. The Journal Entry (J/E) to record the Receipt of Cash payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a Credit (CR) to A) CR, Sales Discounts for $15 B) CR, Cash for $735 C) CR, Accounts Receivable for $750. D) CR, Sales for $750. 3. A Credit Sale of S1,800 is made on July 15, terms 2/10, n/30, on which a Return of Merchandise $100 is granted on July 18. What amount of Cash is received as payment in full on July 24 (within the discount period) A) $1,800 B) $1,666 C) $1,700 D) $1,764 4. Geran Company purchased Merchandise Inventory with an invoice price of $8,000 and credit terms of 2/10, n/30. What is the Net Cash Paid if Geran Company pays within the discount period? A) $8,000 B) $7,840 C) $7,200 D) $7,360 5. The Journal Entry (J/E) to reflect the Collection on a $700 Accounts Receivable after the 2 percent discount period will result in a A) CR, credit to Cash for $686. B) CR, credit to Accounts Receivable for $700. C) DR, debit to Cash for $700. D) CR, credit to Sales Discounts for $14. Page 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students