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please solve these questions with full explanations. thank you so much! 17. Andy Store sold merchandise in the amount of $5,800 to a customer on

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please solve these questions with full explanations. thank you so much!

17. Andy Store sold merchandise in the amount of $5,800 to a customer on October 1, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Andy uses the perpetual inventory system. The journal entries that Andy will make on October 1 will include: A) Debit to Accounts Receivable for $4,000 B) Credit to Merchandise Inventory for $5,800 C) Debit to Cost of Goods Sold for $5,800 D) Credit to Merchandise Inventory for $4,000 E) Credit to Net Income for $1,800 18. Jennifer Store sold merchandise in the amount of $5,800 to a customer on October 1, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Jennifer uses the perpetual inventory system. On October 4, the customer returns some of the merchandise, which were put back into the inventory. The selling price and the cost of the returned merchandise are $500 and $350, respectively. The entries that Jennifer must make on October 4 will NOT include: A) Debit to Sales Returns and Allowances for $500 B) Credit to Accounts Receivable for $500 C) Debit to Merchandise Inventory for $500 D) Debit to Merchandise Inventory for $350 E) Credit to Cost of goods Sold for $350 23. Alex Company has inventory of 15 units at a cost of $12 each on August 1. On August 5, they purchased 10 units at $13 per unit. On August 12 they purchased another 12 units at $11 per unit. On August 15, they sold 30 units. Using the FIFO perpetual inventory method, what is the value of the inventory on August 15 after the sale? A) $86. B) $81. C) $77. D) $84. E) $82. 27. Daniel Company uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during January were as follows: January 1: Beginning Balance of 18 units at $13 each January 12: Purchased 15 units at $14 each January 19: Sold 24 units at a selling price of $28 each January 20: Purchased 24 units at $17 each January 27: Sold 27 units at a selling price of $32 each If the company uses the FIFO inventory method, what would be the Gross Profit for the month of January? A) $786. B) $750. C) $774. D) $762. E) $756

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