1. Merchandise is purchased on account for $1,000 on September 12 and paid for on September 14. What is the discount if the terms on the invoice are: 1/10, n30.
2. If the ending inventory (on financial statements) is understated by $2 000 at the end of the accounting period, then:
3. If a company used the Periodic Inventory Method, Purchases and Freight-In Expense are included:
4. The difference between the Revenue and COGS is:
5. Sales returns are: