Author Question: Total sales less the sales price of any goods returned by customers, less any reduction in price ... (Read 114 times)

londonang · **on:** Jul 5, 2018

Total sales less the sales price of any goods returned by customers, less any reduction in price given to customers, less cash discounts allowed by the seller, is called
a. cost of goods sold.
b. gross margin.
c. net sales.
d. gross profit.

Question 2

Ace Electronics accepted a promissory note from Fenstermaker, who promised to pay Ace 2,000 plus 6 interest at the end of six months. When Ace first accepts the note, it should record ________.

A) a note payable of 2,000
B) a note receivable of 2,000
C) a note payable of 2,060
D) a note receivable of 2,060