For the current fiscal year, Purchases were $245,000, Purchase

Returns and Allowances were $8,600, Purchase Discounts were

$2,200 and Freight In was $32,000. If the beginning merchandise

inventory was $60,000 and the ending merchandise inventory was

$75,000, the Cost of Goods Sold is:

a) $266,200

b) $281,200

c) $272,800

d) $251,200

4)A reversing entry should not

be made for an adjusting entry to

record

a) the accrued salaries.

b) an accrued expense item that will involve future cash payments.

c) an accrued income item that will involve future cash receipts.

d) depreciation.