Question
Fred's Footwear started with $7,000 in Inventory and had the following transaction totals for the month of April: Sales $20,000 Sales Returns and Allowances 2,000
Fred's Footwear started with $7,000 in Inventory and had the following transaction totals for the month of April: Sales $20,000
Sales Returns and Allowances 2,000
Cost of Goods Sold 8,000
Purchases 14,000
Freight 1,000
Purchases Returns and Allow. 2,000
Purchases Discounts ???
If ending Inventory for the period is $11,000, what is the total of purchase discounts experienced?
A) $3,000
B) $4,000
C) $2,000
D) $1,000
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
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