8. Kim Ho Company reports net sales of 800,000, gross profit of 570,000, and net...
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8. Kim Ho Company reports net sales of 800,000, gross profit of 570,000, and net income of 240,000. What are its operating expenses? 9. Giovanni Company buys merchandise on account from Gordon Company. The selling price of the goods is $780, and the cost of the goods is $560. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. 10. Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system. A. On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000. B. On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $90,000. C. On March 12, Benson Company received the balance due from Edgebrook Company
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