1. The account balance in the Income Summary Account after the Adjusting entries and closing entries have been journalized and posted represents: a. Cost of Goods Sold b. Net Income or Net Loss c. Cost of Goods Available for Sale d. None of the above 2. Merchandise is purchased subject to terms, FOB Shipping Point, 2/10, n/30 for $5,000. The invoice is paid within the discount period and transportation charges of $200 is paid by the seller in cash as an accommodation. The Net Amount due to the seller is: a. $ 5,000 d. $ 4,800 b. $ 4,900 e. None of the Above C. $ 5,100 f. $5.200 3. In which Financial Statement does Income Summary appear? a. Income Statement C. Balance Sheet b. Capital Statement d. Neither a, b, or c. 4. Merchandise purchased had a retail price of $10,000 and a 10% trade discount was obtained. Which of the following best describes the correct recording of this transaction? a. Recorded at $10,000, no discount b. Recorded at $10,000, $1,000 as Purchase Discount c. Recorded at $11,000 d. Recorded at $9,000 e. None of the above 5. Land valued at 50,000 for property tax purposes is offered for sale at 60,000 The land is acquired by a business for 18,000 cash and a Note Payable for 40,000, due in 120 days. The buyer will record the purchase of land at