A company purchased $3.200 of merchandise on July 5 with terms 2/10, 1/30. On July 7. it returned $900 worth of merchandise. On July 12. it paid the full amount due Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetua/inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Date Activities Units required at cost Units sold at Retail August 1 Beginning inventory 10 units $325320 August Purchase 20 units 334 - $680 August sales 12 units sold Spencer Company has a $340 petty cash fund. At the end of the first month the accumulated receipts represent $57 for delivery expenses, $183 for merchandise inventory, and $26 for miscellaneous expenses. The fund has a balance of $74. The Journal entry to record the reimbursement of the account includes a At the end of the day, the cash register tape shows $1,320 in cash sales but the count of cash in the register is $1.410. The proper entry to account to this excess is