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2) Reid Supply sells backpacks and other school supplies. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sept.
2) Reid Supply sells backpacks and other school supplies. The company uses a perpetual inventory system. During September, the following transactions and events occurred: Sept. 4 Sold 70 backpacks at $30 each to Hunter Company, terms 2/10, n/30, F.O.B. Shipping Point. Sept. 6 Gave credit of $150 for the retum of 5 backpacks purchased on Sept. 4 that were defective. Sept. 14 Received a check as payment in full from Hunter Company. Instructions: What was the S amount of the check that Reid Supply received on Sept. 14th? 3) For the Gilmore Company, during 2021, merchandise is sold for $140,000 cash and $410,700 on account (accounts receivable). The cost of the merchandise (goods) sold is $322,375. What is the amount of the gross margin (in dollars)? b) What is the gross margin (in dollars) for the month
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