An item of merchandise was sold with an invoice price of $400 and credit terms of 2/10, n/30. The entry to record the sale would include a credit to Sales of

1 point

$400.00

$396.00

$408.00

$392.00

if gross sales is $40,000, sales returns and allowances $1,000, sales discounts $400, and delivery expenses $100, the net sales of the business will total

1 point

$38,500

$38,600

$40,000

$39,000