COLLEGE ACCT.,CH.1-9-W/CENGAGENOW2
COLLEGE ACCT.,CH.1-9-W/CENGAGENOW2
23rd Edition
ISBN: 9780357252314
Author: HEINTZ
Publisher: CENGAGE L
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Chapter 8, Problem 2CE
To determine

Prepare the journal entry to record the payroll, crediting Cash for the net pay.

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During the current year, Magna Supplies sold merchandise for $78,000 cash and $422,000 on account. The cost of the merchandise sold is $375,000. What is the amount of the gross profit?
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