Homework answers / question archive / Shenandoah University - ACCT 101 1)A company had sales of $360,000 and cost of goods sold of $205,000

Shenandoah University - ACCT 101 1)A company had sales of $360,000 and cost of goods sold of $205,000

Accounting

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7. A company purchased $3,100 worth of merchandise. Transportation costs were an additional

$270. The company later returned $215 worth of merchandise and paid the invoice within the 1% cash discount period. The total amount paid for this merchandise is:

$3,045.00.

$2,956.00.

$3,124.00.

              $3,126.15.

$3,155.00.

8.

Garza Company had sales of $151,000, sales discounts of $2,250, and sales returns of

$3,625. Garza Company's net sales equals:

$5,875.

              $145,125.

$148,750.

$151,000.

$156,875.

9.

On February 3, Smart Company sold merchandise in the amount of $2,300 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,590. Smart uses the perpetual inventory system. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: