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QUESTION 32 Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $1.200 fo
QUESTION 34 The Allowance for Bad Debts account has a debit balance of $8,000 before the adjusting entry for bad debts expens
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Answer #1

3.
Net sales revenue = Sales * (1 - discount)
= $2,200 * (1 - 3%)
= $2134

Gross profit = Net sales revenue - cost of goods sold
= $2134 - $1200
= $934

Gross profit = $934

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