4.Financial information is presented below: Operating Expenses......................135,000 Sales Returns and Allowances.....39,000 Sales Discounts................................18,000 Sales Revenue .................................480,000 Cost of Goods Sold........................ 231,000 Gross profit=(2 Points)

249,000

231,000

192,000

210,000

...................................

7.At December 1, 2017, Gibson Companys accounts receivable balance was $7,200. During December, Gibson had credit revenues of $30,000. At December 31, 2017, the accounts receivable balance is $13,200. The collection of receivables during December was:(2 Points)

$26,000 debit

24,000 credit

$26,000 credit

24,000 debit