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Using the information from the questions above, prepare Santos' Income Statement through Gross Profit. On November 3, The Golden Fish restaurant purchases 100 pounds of

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Using the information from the questions above, prepare Santos' Income Statement through Gross Profit. On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cost of Santos is $250. Payment terms are 2/10,n/30. Shipping terms are FOB Shipping Point. On November 7. Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. On November 12, The Golden Fish remits payment for the full amount outstanding, less any available discounts. Prepare the journal entry to record the payment on The Golden Fish's books. DR: CR: Record any discount here! CR: Prepare the journal entry to record receipt of the payment on Santos' books. DR: DR: CR: On November 3. The Golden Fish restaurant purchases 100 pounds of cod fror Santos Fisheries for $500. The cost of Santos is $250. Payment terms are 2/10,n/30. Shipping terms are FOB Shipping Point. On November 7. Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. Prepare the journal entry for Golden Fish to record the return. DR: CR : Prepare the journal entry for Santos Fisheries to record the return. DR: CR: DR: CR: On November 3 , The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cost of Santos is $250. Payment terms are 2/10,n/30. Shipping terms are FOB Shipping Point. Prepare the journal entry to record the shipping costs of $60, which is paid in cash. DR: CR

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