George's Department Store George's Department Store is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $200,000 90,000 Purchases Inventory (beginning) Inventory (ending) Purchase returns and allowances 23,000 17,000 3,000 7,000 4,000 8,000 Purchase discounts Transportation-in Sales discounts Sales returns and allowances 5,000 Refer to the account information for George's Department Store. Determine gross profit. Oa. $103,000 Ob. $97,000 Oc. $93,000 Od. None of these choices are correct. Which of the following is not considered to be a cash equivalent? Oa. A money market account with a stock brokerage firm Ob. Corporate commercial paper due in 90 days after purchase Oc. U.S. Treasury bills with an original maturity of six months Od. A certificate of deposit with a term of 75 days when acquired Which of the following items would not be a reconciling item? Oa. Outstanding checks Ob. Canceled checks Oc. NSF checks Od. Deposits in transit Which of the following items would be added to the balance per books on a bank reconciliation? Oa. Interest collected by the bank on a customer note Ob. Deposit in transit Oc. Service charge assessed by the bank Od. Outstanding checks Which one of the following is not an accurate description of Allowance for Doubtful Accounts? Oa. a. Current asset account Ob. Income statement account Oc. Balance sheet account Od. Contra account