1.) A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer?

2.)

Which of the following accounts are used when recording the sales entry of a sale on credit?

Group of answer choices

a.) accounts receivable, merchandise inventory

b.) sales, cost of goods sold

c.) accounts receivable, sales

d.) merchandise inventory, cash

3.)

A multi-step income statement ________.

Group of answer choices

a.) is another name for a simple income statement

b.) considers interest revenue an operating activity

c.) combines cost of goods sold and operating expenses

d.) separates cost of goods sold from operating expenses

4.)

Which of the following is an advantage of the periodic inventory system?

Group of answer choices

a. cost prohibitive

b. time consuming

c. frequent physical inventory counts

d. real-time information for managers

5.)

A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer?

Group of answer choices

a. sales returns and allowances, merchandise inventory

b. accounts receivable, sales returns and allowances

c. accounts receivable, cash

d. accounts receivable, cost of goods sold