Given below are account balances for Charlie Company:Gross sales,

$100,000

Sales returns and allowances, $5,000

Selling expenses, $12,000

Cost of goods sold, $42,000

Interest expense, $3,000

How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example – enter 46% as .46)

Your Answer:

Question 1 options:

AnswerQuestion 2 (8 points)

Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to:

Question 2 options:

Sales Discounts for $40

Accounts Receivable for $1,960

Accounts Receivable for $2,000

Cash for $1,960

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