A company has sales of $695,000 and cost of goods sold of $278,000. What is the gross profit?
Gross Profit = Net Sales - Cost of Goods Sold
= $695,000 - $278,000
Gross Profit = $417,000
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?
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