Accounting 2- Chapter 2 Quiz- Part II
Directions: Small Ones Outfitters sells infant and toddler clothing to large retail clothing chains. The company has two departments, Infants and Toddlers. The sales tax is 5%. All sales made on terms 2/10, n/30. For each item below, select the choice that best completes the sentence.
Use the following transaction to answer Questions 1 through 4. Sold Infant clothing, $700.00 and toddler clothing, $1200.00 to Kids Valu, Inc., plus sales tax, $95.00; total, $1995.00. Sales Invoice No. 433.
Use the following transaction to answer Questions 5 through 8. Kids Valu, Inc. returned $200.00 of toddler clothing, plus sales tax from Sales Invoice No. 433. Credit Memorandum No. 18.
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