QUESTION 41 On September 12, Vander Company sold merchandise in the amount of $5,800 to jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Cash 5,800 Accounts receivable 5, 800 Cash 4,000 Accounts receivable 4,000 Cash 3.9201 Sales discounts 80 Accounts receivable 4,000 Cash S, c64 Accounts receivable 5,684 Cash Sales discounts 116 Accounte receivable S, 800 QUESTION 42 Which of the following statements regarding gross profit is not true? Gross profit is also called gross margin. Gross profit less other operating expenses equals income from operations Gross profit is not calculated on the multiple-step income statement. Gross profit must cover all operating expenses to yield a return for the owner(s) of the business. Gross profit equals net sales less cost of goods sold