question 9 (3 points)\nreversing entries are the opposite of adjusting entries.\ntrue\nfalse\nquestion 10 (3…

question 9 (3 points)\nreversing entries are the opposite of adjusting entries.\ntrue\nfalse\nquestion 10 (3 points)\ngross profit equals:\nnet sales - net purchases.\nsales - sales returns and allowances - sales discounts - cost of goods sold.\ncost of goods sold - other expenses.\ncost of goods sold - operating expenses.

question 9 (3 points)\nreversing entries are the opposite of adjusting entries.\ntrue\nfalse\nquestion 10 (3 points)\ngross profit equals:\nnet sales - net purchases.\nsales - sales returns and allowances - sales discounts - cost of goods sold.\ncost of goods sold - other expenses.\ncost of goods sold - operating expenses.

Answer

Brief Explanations:

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.