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Which of the following is correct? Gross profit - operating expenses = net income Operating expenses - cost of goods sold = gross profit Net income-operating expenses = gross profit Sales revenue + cost of goods sold - operating expenses = net income Moving to another question will save this response. MacBook Question 3 The journal entry to record a cash purchase is Dr....Purchases Cr...Accounts Payables Dr... Purchases Cr...Cash Dr...Accounts Receivables Cr...Sales Revenue Dr...Cash Cr... Purchases A Moving to another question will save this response. MacBook Pro Remaining Time: 14 minutes, 42 seconds. Question Completion Status: Moving to another question will save this response Question 4 10 uestion 4 0.5 points SA A credit sale of $4,000 is made on April 25, terms 3/10,n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 12? $4,000 $3,880 $3,589 $3,700 MacBook Pro % 5 & 7 V 8 9 9 E 6 3 1 R . Y Moving to another question will save this response. Question 6 The respective normal account balances of sales revenue, purchases, and sales returns are credit, credit, credit. credit, debit, debit. debit, credit, debit credit, credit, debit. Moving to another question will save this response. MacBook Pro # $ % S Question Completion Status Moving to another question will save this response Question 7 of 10 Question 7 0.5 points Paden Company purchased merchandise from Emmett Company with freight terms of FOB destination. The freight costs will be paid by the seller buyer and the seller transportation company. buyer. Question 7 of 10 Moving to another question will save this response MacBook Pro $ 4 % 5 o 6 & 7 7 V 8 N99 P 3 1 R T Y Moving to another question will save this response. Question 8 The primary source of revenue for a wholesaler is service fees. the sale of merchandise. the sale of fixed assets the company owns. investment income MacE esc % Moving to another question will save this response. Question 9 Which of the following is a true statement about inventory systems? A perpetual system determines cost of goods sold only at the end of the accounting period. Periodic inventory systems require more detailed inventory records. Perpetual inventory systems require more detailed inventory records. A periodic system requires cost of goods sold be determined after each sale. MacBook Pro $ % 5 0 & 6 1 7 V 2 r 3 3 4 E 3 Click Submit to complete this assessment. Question 10 Which of the following will appear in the current liabilities of a Balance Sheet? Operating expenses Merchandise inventory. Accounts receivables Accounts payables A Click Submit to complete this assessment. MacBook Pro

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