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Refer to the following trial balance. Credit Cash Accounts Receivable Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Debit $7,000 14,000 18,000 5,000 100,000 $4,000 24,000 77,000 10.000 O A. $170,000 B. $76,000 OC. $285,000 OD. $159,000 77,000 10,000 1,000 170,000 Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totale 5,000 6,000 83,000 5,000 23,000 16,000 2,000 $285.000 $285.000 O A. $170,000 OB. $76,000 OC. $285,000 OD. $159,000 I.UUU 170,000 LIVIUGIUS Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals 5,000 6,000 83,000 5,000 23,000 16,000 2,000 $285,000 $285,000 How much is the gross profit? O A. $170,000 B. $76,000 OC. $285,000 OD. $159,000 Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of $6,000 for $14,000 with terms of 4/15, n/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance. On April 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion. 12,000 O A. Cash Sales Discount Accounts Receivable 480 11,520 O B. Cash Sales Discount Accounts Receivable 11,520 480 12,000 O C. Accounts Receivable 12,000 Click to select your

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