Author Question: Souper Bowls sold 500 of merchandise to a customer for cash. The sales tax was 5. How much cash did ... (Read 111 times)

michelleunicorn · **on:** Jul 5, 2018

Souper Bowls sold 500 of merchandise to a customer for cash. The sales tax was 5. How much cash did Souper Bowls receive?

A) 525
B) 371
C) 329
D) 210

Question 2

Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to
a. Merchandise Inventory
b. Purchases
c. Accounts Payable
d. Cost of Merchandise Purchased