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Need answers to parts A, B, C, D. Thank you. A. Silverfish, Inc. had sales of $11,500 for the month of May. Management expects 6%
Need answers to parts A, B, C, D. Thank you.
A. Silverfish, Inc. had sales of $11,500 for the month of May. Management expects 6% of these sales to be returns or allowances. What would the adjusting entry on May 31 include? OA. Debit Cost of Goods Sold $690 O B. Credit Sales $690 O C. Credit Estimated Refund Liability $690 O D. Debit Estimated Inventory Returns $690 B. Scout Inc. issued a credit memorandum to Caesar Co. for $1,200 of merchandise, with associated costs of $780. Scout's journal entry to record the sales return would include O A. debit Inventory $780, credit Estimated Inventory Returns $780 O B. debit Inventory $1,200, credit Estimated Inventory Returns $1,200 O C. debit Estimated Refund Liability $780, credit Accounts Receivable Caesar $780 O D. debit Accounts Receivable Scout $1,200, credit Estimated Refund Liability $1,200 C. Sales Revenue recorded at net represents OA. sales less returns B. O C. sales less cost of goods sold sales less discounts D. sales less tax. D. A company has sales revenue of $132,000, cost of goods sold of $77,000, operating expenses of $32,000, and other expenses of $1,000. The company's gross profit is A. $54,000 O B. $55,000 OC. $22,000 O D. $23,000
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