Reference no: EM132604935
Question - The records for Uptown Pet Shop showed the following:
Sales $75,000 Beginning merchandise inventory $10,000
Purchases 45,000 Cost of goods sold 50,000
1. Calculate the ending merchandise inventory.
2. If gross sales is $40,000, sales returns and allowances $1,000, sales discounts $400, and delivery expenses $100. Calculate the net sale.
3. On December 16, TechCom receives a $3,000, 60-day, 6% promissory note and $1,000 cash to settle a $4,000 past due account. Record the journal entry on the same day.
4. What is trade discount? Explain with example.
5. What are four principles of internal control?
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