I need help with accounting

Accounting
Tutor: None Selected Time limit: 1 Day

A company has sales of $695,000 and cost of goods sold of $278,000. What is the gross profit?

Mar 31st, 2015

Gross Profit  =  Net Sales  -  Cost of Goods Sold

                      =  $695,000  -  $278,000

Gross Profit   =  $417,000

Mar 31st, 2015

A company purchased $1,800 of merchandise on July 5th with terms 2/10, n/30. On July 7th, it returned $200 worth of merchandise. On July 28th, it paid the full amount due. What is the correct journal entry to record the payment on July 28th?

Mar 31st, 2015

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Mar 31st, 2015
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Mar 31st, 2015
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