Discuss income statement as net sales and as gross profit, Accounting Basics

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Discuss income statement as net sales and as gross profit

For the following transactions, prepare journal entries needed to adjust the company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
a. Outstanding checks of $12,000.
b. Bank service charge of $15.
c. Deposit in transit of $2,300.

d.Interest earned of $5.

Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?

Net sales:

Gross profit:

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Accounting Basics: Discuss income statement as net sales and as gross profit

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Accounting Basics: Discuss income statement as net sales and as gross profit

Reference No:- TGS0695614

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Why the corporation has large tax preferences

Q : Determine the mass of compound which added to other compound

Q : How to pass the journal entry for the above

Q : How to debit credit accounts payable

Q : Discuss income statement as net sales and as gross profit

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Discuss income statement as net sales and as gross profit

Reference No:- TGS0695614

Recent Questions Asked Accounting Basics

Q : Why the corporation has large tax preferences

Q : Determine the mass of compound which added to other compound

Q : How to pass the journal entry for the above

Q : How to debit credit accounts payable

Q : Discuss income statement as net sales and as gross profit

Q : Find percent purity of sample of koh found in lab

Q : What return is required beginning in year

Q : What is meant by the all-inclusive

Q : Describes the changes in current assets and liabilities

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