Sales to customers who use bank credit cards such as MasterCard and Visa are usuallyr recorded by a O a. debit tn Cash and a credit tn Sales 0 b. debit tn Sales, debit tn Credit Card Expense, and a credit tn Cash 0 c. debit tn Cash. nedit tn Credit Card Expense, and a. we dit tn Sales 0 d. debit tn Bank Credit Card Sales, debit in Credit Card Expense, and a credit to Sales Which of the following is not a difference between a retail business and a service business? Oa. accounting equation Ob. in what is sold Oc. the inclusion of gross profit on the income statement Od. inventory included on the balance sheetWhen a buyer returns merchandise purchased for cash, the buyer will record the transaction as a Oa. debit to Inventory; a credit to Cash Ob. debit to Cash; a credit to Sales Oc. debit to Cash; a credit to Inventory Od. debit to Sales; a credit to Accounts PayableNet income plus operating expenses is equal to Oa. gross profit Ob. cost of merchandise Oc. sales Od. cost of goods soldThe Boxwood Company sells blankets for 538 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May3 Purchase 3? $19 10 Sale 15 1? Purchase 33 $21 20 Sale 2 6 23 Sale 3 30 Purchase 26 $22 Assuming that the company uses the perpetual inventory system, determine the gross prot for the sale of May 23 using the FIFO inventory cost method. The inventory costing method that reports the most current prices in ending inventory is Oa. specific identification Ob. LIFO Oc. FIFO Od. average costThe inventory costing method that reports the earliest costs in ending inventory is Oa. FIFO Ob. weighted average Oc. specific identification Od. LIFO