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ACCOUNTING 212 LESSON 1
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True of false , Gross sales = Net Purchase - ( sales discount+ sales return and allowance )
false , Net sales = Gross sales - ( sales discount+ sales return and allowance )
Net purchases is =
Gross purchases - ( purchase discount + purchase return & allowance )
Net sales =
Gross sales - ( sales discount + sales returns and allowance)
If gross sales = 100 , sales discount = 2 , sales return = 15 , how much is net sales ?
100- ( 15+ 2) = 83
If gross sales = 1500 , sales discount = 0, sales return = 740 , how much is net sales ?
1500 - ( 0 + 740 ) = 760
If gross Purchase = 300 , purchase discount = 7, purchase return = 7 , how much is net purchase ?
300 - ( 7+7) = 286
If gross Purchase = 920 , purchase discount = 10 purchase return = 30 , how much is net purchase ?
920 - ( 10 + 30) = 880
True of false , Gross sales = Net sales - ( sales discount+ sales return and allowance )
false , Net sales = Gross sales - ( sales discount+ sales return and allowance )
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