1) Mike Jewelers uses the perpetual inventory system. In calculating their net sales, which of the following is correct?

a.Gross sales - sales discount

b.Gross sales - sales discount + sales allowance

c.Gross sales - sales discount - sales allowance - sales return

d.Gross sales - sales discount - sales allowance + sales return

2) Mike & Associates issued a 3-month, 9% note of 36,000. Calculate the aggregate of interest Mike must pay on this note.

a.$460

b.$720

c.$810

d.$880