(1.) Milton's Tool and Tilesells a range of products. This week, the shipping department received 500 gallons of paint, purchased at a cost of $20 each, which were distributed among 18 stores. 420 were sold for $30 each across all stores.

The cost of goods sold equals ________

(2.) Carson Hardware offers a discount to customers who use the store credit card on purchases of building materials. When customers pay their bill in full within 15 days of a purchase, 2% can be deducted from the invoice amount, to be used as store credit on their next purchase.

A frequent customer of the Pleasantville Carson Hardware store, Moira, used her store credit card to buy 20 interior doors for $125 each. Moira paid her balance in full 10 days after the purchase.

Mike will record $50 in the________

(3.) Shauna calculated the net sales for her company using the following figures:

Gross sales = $72,900

Sales discounts = $2,450

Purchase returns and allowances = $3,750

Sales returns and allowances = $2,550

The net sales of Shauna's company are __________.

(4.) Sally owns a clothing company andfound that she was selling more items, and a greater variety of items, to repeat customers. Sally's CPA advised her to make a set of accounts to separately track what each of her customers bought from her.

To track her customers' purchases, Sally should set up and use a(n) __________.

(5.) The acronym used for the closing procedures of a merchandising company is:_____

(6.) Which of the following accounts are closed to Income Summary with a debit entry?_______