Reference no: EM132792957

Problem 1: Which of the following is Net Sales Revenue?

A) Sales less Sales Returns and Allowances

B) Sales less Sales Discounts and Sales Returns and Allowances

C) Sales less Sales Discounts

D) Sales less Cost of Goods Sold

Problem 3: A company uses the perpetual inventory system. The inventory account balance is $50,000. An actual count of inventory reveals that actual inventory is $43,000. Which of the following would be included in the required adjusting entry?

A) A $50,000 debit to Cost of Goods Sold would be required.

B) A $43,000 credit to Inventory would be required.

C) A $7,000 credit to Inventory would be required.

D) A $7,000 credit to Cost of Goods Sold would be required.