Question 1 Not complete Marked out of 2.00 P Flag question Accounting for Purchase Transactions Donna Company began operations on June 1. The following transactions took place in June: a. Purchases of merchandise on account were $750,000 b. The cost of freight to receive the inventory was $20,000. This was paid in cash c. Donna returned $10,000 of the merchandise due to an ordering error. Donna received a full credit for the return. d. Donna paid the remaining balance for the merchandise. Calculate the dollar amount that Donna will have in Inventory at the end of the month. Assume Donna uses the perpetual inventory system pind there were no sales Check E Save Answers acer Accounting for Sales Transactions Madison Company uses the perpetual inventory system. Record the journal entries for the following transactions: a. On July 16, Madison sold $500 of merchandise with terms of 3/10, 1/30. The cost of the merchandise was $200. b. On July 19, the customer returned $100 of the merchandise from (a). The cost of the merchandise was $40. C. On July 22, the customer paid the entire balance due to Madison General Journal Description Ref. Debit Credit To record sale of merchandise To record cost of merchandise sold c. On July 22, the customer pald the entire balance due to Madison. General Journal Description Debit Credit To record sale of merchandise To record cost of merchandise sold. To record return of merchandise sold. To record cost of merchandise sold Question 3 Yot complete Marked out of 2.00 P Flag question Gross Profit Percentage Using the data below, compute lan's gross profit percentage for the month of January Net Sales Cost of goods sold Operating expenses Other income Income tax expense $12,000 3,000 7,000 500 1,000 Round answer to the nearest whole percentage. check