. A company with sales revenue of $11,000 and a gross profit of $5,100 would a cost of goods sold of

$5,100

$5,900

16,900

7. A company with sales revenue of $11,000 and a gross profit of $5,100 would a cost of goods sold of $5,100 $5,900 16,900 9. Merchandise with a cost of $350 is sold for $500 on account with term 2/10, n/30. The journal entry to record the cost of the sale would include a Credit to Sales Revenue $350 Credit to Merchandise Inventory $350 debit to Sales Revenue 13. A retailer purchases merchandise with a retail price of $20,000. The retailer receives a 20% trade discount and credit terms of 1/10, n/30. What amount should the retailer debit to the Merchandise Inventory account? $20,000 $15,840 $16,000 14. A company sold $3,000 of merchandise on account, credit terms are 2/15, n/30. Cost of goods is $2,000. The journal entry to record the cost of the sale would include a Debit to inventory $3,000 Debit to cost of goods sold $2,000 Debit to accounts receivables $3,000 15. A purchaser returns merchandise purchased for $1,800 on account. The purchaser's journal entry to record this would include a debit to Accounts payable, $1,800 no journal entry required inventory, $1,800 16. In a Multi-Step Income Statement, the salary expense in the administrative section would include salaries for the salesman only accounting department depreciation on the showroom displays 23. A check written for $150 was erroneously charged by the bank as $1,500. The required journal entry would be include Debit Cash for $1,500 Debit Cash for $1,350 No journal entry required 24. Accompanying the bank statement was a bank service charge. What entry is required in the company books? no journal entry required debit bank services expense, credit cash debit cash, credit Accounts Payable 26. With a cash balance according to the bank statement of $11,000, deposits in transit of $1,500, outstanding checks of $300 and a bank service charge of $40, the bank section of the bank reconciliation would report and adjusted balance of $12,500 $12,240 $12,200 27. With a cash balance according to the bank statement of $12,000, deposits in transit of $500, outstanding checks of $300 and a bank service charge of $40, the bank section of the bank reconciliation would report and adjusted balance of $12,500 $12,240 $12,200