Question

R&R Lumber reports gross sales of $70,000. If sales returns and allowances are $10,000 and sales discounts are $3,000, what are the net sales?
A. $83,000
B. $63,000
C. $57,000
D. $70,000

Answer 1

70-10-3=57

Answer 2

Entries to customers’ accounts for sales are posted in the _______ subsidiary ledger.
A. Accounts Receivable
B. Accounts Payable
C. Fixed Asset
D. Cash