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2 point Question 1.29 Sales less Sales Returns and Allowances and less Sales Discounts represents: O Net sales 0 Net profit O Cost of goods sold O Net income Question 1.30 2 points Montel Corporation had sales of $1,200,000, sales returns and allowances of $120,000, and sales discounts of $55,000. Montel Corporation has net sales of: o $1,080,000 O $175,000 O $1,025000 o $1,375,000 Question 1.31 Which of the following accounts is not increased with a debit? 2 points O Sales Revenue O Sales Discounts O Cost of merchandise sold O Sales Returns and Allowances