Hello, can you please answer the following question with a detail explanation to the answer of each
Question:
Hello, can you please answer the following question with a detail explanation to the answer of each question.
Thank you very much.
1 Which of the following accounts has a normal credit balance?
A.Sales Revenue
B.Merchandise InventoryINCORRECT
C.Sales Returns and Allowances
D.Transportation Out
2 A company with a gross profit of $25,900 and a net income $10,900 would have operating expenses of
A.$15,000
B.$10,900
C.cannot be determined from the information givenINCORRECT
D.$36,800
Question 3
Account Name Debit Credit
Cash 950
Accounts Receivable 950
What type of transaction is this journal entry recording
A.to record the receipt of a payment within the credit terms offeredINCORRECT
B.to record the receipt of a payment after the credit terms deadline or no terms offered
C.to record a payment on account after the credit terms deadline
D.to record a payment on account within the credit terms offered or no terms offered
4 A purchaser returns merchandise purchased for $400 on account. The purchaser's journal entry to record this would include a debit to
A.accounts payable, $400
B.accounts receivable, $400
C.inventory, $400INCORRECT
D.no journal entry required