A business has the following general ledger balances: Sales, $900,000; Sales returns and allowances, $50,000, Cost of goods sold, $500,000, Operating Expenses, $150,000; and Profit, $200,000. What are the gross profit and profit margins of the business? Select one: C. O a. gross profit, 36.9%%, and profit margin, 20.2% O b. gross profit, 43.5%, and profit margin, 25.5% gross profit, 41.1%, and profit margin, 23.5% O d. gross profit, 40.1%, and profit margin, 24.8% O e. gross profit, 38.9%, and profit margin, 22.2% Clear my choice QU 1 Prepare the adjusting entry, if any, required on November 30, the end of the fiscal year, if a company on November 1, sold season tickets for admission to a racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totalled $900,000. The company recorded all prepaid costs as assets and all revenue collected in advance as liabilities. Do NOT use commas or dollar signs in your 10 19 response. 28 Debit to for for Fin Credit to Tin