Solved: Assuming the journal entries for each of these transactions, Accounting Basics

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Assuming the journal entries for each of these transactions

Problem -

On May 1, Sue Flay's Dessert Shop has 1,200 pre-packaged cakes in its inventory, which cost $25 per cake to manufacture. It manufactures no other cakes during May. It reports only the following transactions for the month:

May 2: sells 400 cakes to Marsha Mellow at $92 per cake, with terms 2/10, net 30
May 5: sells 550 cakes to C. Señor Foods at $90 per cake, with terms 3/10, net 20
May 7: Marsha Mellow returns 20 cakes, which Sue Flay's Dessert Shop accepts
May 11: Marsha Mellow pays the correct balance she owes
May 16: C. Señor Foods is granted an allowance for 15 cakes which have spoiled
May 26: C. Señor Foods pays the correct balance it owes

Questions: Assuming the journal entries for each of these transactions were properly recorded:

1. What amount of gross profit should Sue Flay's Cake Shop report for the month ending May 31?

2. How much cash did Sue Flay's Cake Shop receive, in total, from its customers?

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Accounting Basics: Assuming the journal entries for each of these transactions

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