Use the Following Information to Answer the Questions Below The Net Sales Are ________

question 35

Short Answer

Use the following information to answer the questions below:
$$\begin{array} { l r } \text { Sales } & \$ 75,400 \\\text { Sales Discount } & 1,500 \\\text { Sales Returns and Allowances } & 500 \\\text { Transportation Expense } & 700\end{array}$$
The Net Sales are ________.

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Definitions:

Transactions

The exchanges or transfers of goods, services, or funds between two or more parties.

Journal

An accounting record where all transactions are initially recorded using the double-entry bookkeeping system before their details are posted to accounts in the general ledger.

T Account

A graphical representation used in accounting to depict the debit and credit sides of a ledger for easier visualization and understanding.

Account Title Column

The section of an accounting ledger or journal used to record the name of the account affected by each transaction.