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Page 2 Accounting 122- Exam-Chapter 5 Account Name Debit credit 75, 000 Sales Sales Returns...

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Accounting

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Page 2 Accounting 122- Exam-Chapter 5 Account Name Debit credit 75, 000 Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Freight In Selling Expenses General and Administrative Expenses 1,500 1,000 17,000 2,000 3,000 7,500 In addition, beginning merchandise iniventory was $5,500 and ending merchandise invent $3,500. 11. Net sales for the period were A) $77,500. B) $73,500. C $75,500. D) $72,500. 12. Net cost of purchases for the period were A) $15,000. B) $18,000. C) $21,000. D) $43,000. 13. Cost of goods sold for the period was A) $16,000. B) $23,500. C) $20,000. D $17,000. 14. Net income for the period was A) $52,500. B) $45,000. C) $25,000. D) $17,500

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