Sales is equal to the cost of merchandise sold less the gross profit.
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Q49: Purchased goods in transit should be included
Q50: The chart of accounts for a merchandising
Q51: Income that cannot be associated definitely with
Q52: When companies use a perpetual inventory system,
Q53: The seller may prepay the freight costs
Q55: Most companies will not take a purchase
Q56: The adjusting entry to record inventory shrinkage
Q57: The seller records the sales tax as
Q58: Gross profit minus selling expenses equals net
Q59: Because many companies use computerized accounting systems,
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