1.An invoice in the amount of $950.00 for merchandise purchased is shown with a 3/10, N/30 discount. The amount to pay on or before the tenth day is:

Group of answer choices

$931.00

$924.50

$959.00

$921.50

2.

The primary source of revenues of a merchandising firm is __________, while the most significant expense (s) is (are):

Group of answer choices

Sales revenue and operating expenses

Service Revenue and cost of sales

Sales revenue and cost of sales

Service Revenue and operating expenses

3.

Which of the financial statements below shows gross profit?

Group of answer choices

The multi-step income statement

Statement of Cash Flows

The Statement of Owner's Equity

Balance Sheet

4.

Which of the following Journal entries records a credit sale?

Group of answer choices

Debit Sales, Credit Cash

Debit Revenues, Credit Sales

Debit Accounts Receivable, Credit Sales

Credit Cash, Credit Sales

5.

How does a cash withdrawal from a sole proprietorship affect the accounting equation?

Group of answer choices

Assets and Liabilities decrease

Assets and Owner's Equity decrease

Liabilities decrease but debt increases

Assets and Owner's Equity increase