Use This Information to Answer the Following Question In Addition,beginning Merchandise Inventory Was $22,000 and Ending Merchandise Inventory

question 172

Multiple Choice

Use this information to answer the following question. $$\begin{array} {| l | r | r | } \hline \text { Account Name } & { \text { Debit } } & { \text { Credit } } \\\hline \text { Sales } & & 300,000 \\\text { Sales Retums and Allowances } & 10,000 & \\\text { Purcha5es } & 53,000 & \\\text { Purchases Returns and Allowances } & & 8,000\\\text { Freight-In } & 12,000 & \\\text { Selling Exgenses } & 30,000 & \\\text { General and Administrative Exgenses } & 110,000 &\\\hline\end{array}$$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Net cost of purchases for the period were

• A) $77,000.
• B) $45,000.
• C) $57,000.
• D) $69,000.

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Definitions:

Prenumbered Documents

Documents that are sequentially numbered in advance, used to ensure completeness and to prevent fraud or duplication.

Approving Payment

The process of confirming that an invoice or bill can be paid, often involving verification that the amount is correct and the goods or services were received.

Payment Duty

The obligation or requirement to make a payment to another party, often as part of a contractual agreement or as part of financial operations.

Bank Statement

A document or record provided by a bank detailing the transactions in a customer’s account over a specific period, including deposits, withdrawals, and balances.