A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is:

A company has sales of $375,000 and its gross profit is $157,500. Its cost of goods sold equals:

Reporting the details of notes is consistent with which accounting principle that requires financial statements (including footnotes) to report all relevant information?

After adjustment, the balance in the Allowance for Doubtful Accounts has the effect of reducing Accounts Receivable to its estimated realizable value.

The internal document prepared by a department manager that informs the purchasing department of its merchandise needs and requests that the merchandise be purchased is the:

Petty cash reimbursement requires a journal entry that involves a debit to the appropriate expenses and a credit to Cash.

Cushman Company had $800,000 in sales, sales discounts of $12,000, sales returns and allowances of $18,000, cost of goods sold of $380,000, and $275,000 in operating expenses. Net income equals:

Operating expenses are classified into two categories: selling expenses and cost of goods sold.

Credit sales are recorded by crediting Accounts Receivable.

Reporting the details of notes is consistent with which accounting principle that requires financial statements (including footnotes) to report all relevant information?