Question
Before the closing journal entries, the balance in the Sales account is $52,000 and cost of goods sold is $18,000. The gross profit would be
Before the closing journal entries, the balance in the Sales account is $52,000 and cost of goods sold is $18,000. The gross profit would be $34,500
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Accounting Principles Part 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
6th Canadian edition
1118306783, 978-1118728918, 1118728912, 978-1118306789
