A credit sale is made on July 10 for $900, terms 2/10, n/30. On July
12, $100 of goods are returned for credit. Give the journal entry on July
19 to record the receipt of the balance due within the discount period.

 

. Explain why the Inventory account will usually require adjustment at year-end.

. Prepare the closing entries for the Sales Revenue account, assuming a balance of $200,000 and the Cost of Goods Sold account
with a $145,000 balance.

. What merchandising account(s) will appear in the post-closing
trial balance?

Cupery Co. has net sales of $105,000, cost of goods sold of
$70,000, and operating expenses of $20,000. What is its gross profit
and its gross profit rate?