3) Anemor in the physical count of goods on hand at the end of a period resulted derstating of the ending inventory. The effect of this error in the current periodis cast of Goods Sold Net Income Understated Overstated Overstated Understated Understated B) Overstated C) Understate D) Overstated Klugs Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $4,000, terms 2/10, 1/45. On August 10, KURR makes the appropriate payment to Claude. The entry on August 10 for Kluke Company is: Cash..... 80 A) Accounts Payable. 4,000 B) Accounts Payable 4,000 Cash..... 3,920 C) Accounts Payable 3,920 Purchase Discount ** .....4,000 Cash.. 80 D) Accounts Payable. 3,920 Merchandise Inventory 4,000 Cash 3,920 15) Income from operations is gross profit less: A) Administrative expenses. B) Operating expenses. C) Other expenses and losses. D) Selling expenses 16) Eaton Co. sells merchandise on account for $1,000 to Tang Company with credit terms of 2/10, 1/30. Tang Co. returns $300 of merchandise that was damaged, along with a check to settle the account two weeks after sale. What entry does Eaton Company make upon receipt of the check? A) Cash. 700 Accounts Receivable........ 700 B) Cash.. 1,000 Accounts Receivable......... 1,000 C) Cash..... Sales Discounts ................... Accounts Receivable. 700 D) Cash............. Sales Discounts 700 Accounts Receivable.............. 17) Dodd Company has sales revenue of $26.000, cost of goods sold of $16,000 and operating expr of $6,000 for the year ended December 31. Dodd's net sales is A) $10,000 B) $4,000. C) $26,000