Homework Answers
1)
Gross profit = $100,000 + $505,400 - $423,800 = $181,600
2)
a.
Payment = ($11,100 - $2,300) - 2% = $8,624
b.
Credit purchases to record merchandise returned.
3)
| Account Titles and Explanation | Debit | Credit |
| Cost of goods sold ($152,390 - $138,670) | $13,720 | - |
| Merchandise inventory | - | $13,720 |
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