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Find what the amount of cash paid is

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Reference no: EM132830046

Question 1: Which of the following accounts is not closed to Income Summary?

Option 1: Cost of Goods Sold
Option 2: Merchandise Inventory
Option 3: Sales
Option 4: Sales Discounts

Question 2: If a company purchases inventory for $40,000 with terms 2/10 n/30 and does not pay within the discount period, the amount of cash paid is:

Option 1: $39,200
Option 2: $36,000
Option 3: $40,000
Option 4: $40,800

Reference no: EM132830046

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