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ACCOUNTING 212 LESSON 1

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