gross profit??? Purchases$32,000Purchases discounts$960Merchandise inventoryMerchandise inventorySeptember 305,7006,370September 1Sales returns and910Sales63,000allowancesPurchases returns and1,200Freight In1,040allowances

Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases =…

Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and 910 Sales 63,000 allowances Purchases returns and 1,200 Freight In 1,040 allowances

Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise inventory September 30 6,370 Sales returns and 910 Sales 63,000 allowances Purchases returns and 1,200 Freight In 1,040 allowances

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 10MC: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays...

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Question

gross profit???

Purchases
$32,000
Purchases discounts
$960
Merchandise inventory
Merchandise inventory
September 30
5,700
6,370
September 1
Sales returns and
910
Sales
63,000
allowances
Purchases returns and
1,200
Freight In
1,040
allowances

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