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If a firm had sales of $42,000 during a period and sales returns and allowances of $3,200, its net sales were Multiple Choice $45,200. $3,200 $42,000 $38,800 A wholesale business sells goods with a list price of $850 and a trade discount of 40 percent. The amount to be recorded in the Sales account is Multiple Choice $340.00. $510.00 $850.00 $890.00 Hour Place Clock Shop sold a grandfather clock for $2,600 subject to a 9% sales tax. The entry in the general journal will include a credit to Sales for Multiple Choice $2,366.00 $2,834.00 $2,59100. $2,60000 Sales Returns and Allowances have the effect of Multiple Choice increasing total revenue. increasing assets. decreasing total revenue increasing expenses During the year, a firm purchased $257,700 of merchandise and paid freight charges of $41,870. If the total purchases returns and allowances were $16,540 and purchase discounts were $9,000 for the year, what is the net delivered cost of purchases? Multiple Choice $274,030 $299,570 $190,290 $325,110 Which of the following is correct? Multiple Choice Purchases is an expense account and carries a credit balance Purchases Discounts is a contra expense account and carries a credit balance. Purchases is an asset account and carries a credit balance. Purchases Discounts is an expense account and carries a debit balance. Purchases is a temporary account. Multiple Choice asset liability revenue expense On June 1, Lulu's Performing Arts School purchased merchandise with a list price of $8,000 from Monty's Inc. with credit terms 2/10, n/30. On June 3, Lulu's returns $1,000 of the merchandise. Compute the amount owed by Lulu's if the store pays within the discount period