Multiple Choice
Marcel's Fashions started with $7,000 in Inventory and had the following transaction totals for the month of April:
Sales $20,000
Sales Returns and Allowances 2,000
Cost of Goods Sold 8,000
Purchases ???
Freight 1,000
Purchases Returns and Allow. 2,000
Purchases Discounts 1,500
If ending Inventory for the period is $14,000, what is the total amount of purchases during the month?
A) $18,500
B) $15,500
C) $17,500
D) $16,500
Correct Answer:

Verified
Correct Answer:
Verified
Q79: The Accounts Receivable and Accounts Payable are
Q100: Office Supplies (not used for resale) bought
Q101: When using a subsidiary ledger, the Accounts
Q102: On June 15, Paradise Park purchased merchandise
Q103: Credit terms of 2/10, n/30 mean that<br>A)
Q104: A characteristic of Inventory is that<br>A) it
Q106: A buyer may not receive both a
Q107: Inventory is a(n)<br>A) cost.<br>B) asset.<br>C) liability.<br>D) revenue.
Q108: May Flower Company has a starting Inventory
Q109: How much money would Sanji Company have