Question

question 9 (3 points)
reversing entries are the opposite of adjusting entries.
true
false
question 10 (3 points)
gross profit equals:
net sales - net purchases.
sales - sales returns and allowances - sales discounts - cost of goods sold.
cost of goods sold - other expenses.
cost of goods sold - operating expenses.

Explanation:

For Question 9, reversing entries are made at the start of an accounting period to simplify the recording of regular transactions and are the opposite of adjusting entries made at the end of a period to align revenues and expenses. For Question 10, gross profit is calculated as net sales (sales - sales returns and allowances - sales discounts) minus the cost of goods sold.

Answer:

Question 9: True
Question 10: Sales - Sales Returns and Allowances - Sales Discounts - Cost of Goods Sold.