FIND GROSS PROFT IN THE SEPTEMBER INCOME STATMENT

Journalize the September transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) What amount would Vaughn report as net sales in the September income statement? Net Sales \$ eTextbook and Media List of Accounts (c) Your answer is incorrect. What amount would Vaughn report as gross profit in the September income statement? (To record sales return) Sept. 14^ Inventory 25 Cost of Goods Sold 25 (To record cost of sales return) Sept. 20 Accounts Receivable 1,470 Sales Revenue 1,470 (To record sales revenue on account) Sept. 20 Cost of Goods Sold 1,050 Inventory 1,050 (To record cost of goods sold) (b) Your answer is correct. Sept. 12 Accounts Receivable 1,225 Sales Revenue 1,225 (To record sales revenue on account) Sept. 12V^ Cost of Goods Sold 779 Inventory 779 (To record cost of goods sold) Sept. 14 Sales Returns and Allowances 35 Accounts Receivable 35 (To record sales return) Sept. 14 Inventory 25 Cost of Goods Sold 25 (To record cost of sales return) Sept. 20 Accounts Receivable 1,470