> Question 24 3 pts Common, Inc. reported the following on its financial statements at year-end 2019: Sales revenue Accounts receivable Allowance for uncollectible accounts Bad debt expense Cost of goods sold $15,800 $1,300 $300 $350 $9,460 The amount of gross profit on Common's 2019 income statement would be O $15,800 $15,450 O $6.340 $6,040 Question 25 3 pts Copper Corporation sold merchandise to Bronze Corporation on April 7, 2020 for a price of $35.000 and with terms of 2/10 n/30. What journal entry would Copper make when payment from Bronze is received on April 14, 2020? O ACCOUNT Cash Accounts Receivable Debit 34,300 Credit 34,300 o Credit ACCOUNT Accounts Receivable Sales Revenue Sales Discounts Debit 35,000 34,300 700 o Credit ACCOUNT Cash Sales Discounts Accounts Receivable Debit 34 300 700 35,000 Credit ACCOUNT Cash Accounts Receivable Debit 35.000 35,000 Question 26 3 pts What type of account is Cost of goods sold? expense account asset account ability account revenue account D Question 27 3 pts Sevier Corp. purchases inventory on account that costs $60,000 on April 1, 2020 with terms 2/10, 1/30. Sevier Corp. pays in full for the inventory purchase on April 8, 2020. What journal entry will Sevier Corp. make on April 8, 20207 DR: Accounts Payable 60,000 CR Accounts Payable 60.000 DR: Inventory 60,000 CR: Accounts Payable 60.000 DR Accounts Payable 58,800 CR Cash 58.800 DR: Accounts Payable 60,000 CR: Cash 58,800 CR Inventory 1.200