ACC/291T Principles Of Accounting Ii The Latest Version A+ Study Guide **********************************************
ACC 291T Entire Course Link http://www.onlinehelp123.com/acc-291 ********************************************** ACC 291T Wk 1 Apply: Connect Homework (2021.7 New) Prentice Company had cash sales of $94,700, credit sales of $83,700, sales returns and allowances of $1,875, and sales discounts of $3,650. Prentice’s net sales for this period equal: Multiple Choice • $178,400. • $94,700. • $176,525. • $174,750 • $172,875.
On September 12, Vander Company sold merchandise in the amount of $8,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,200. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice • Purchases 5,200 Accounts receivable 5,200 • Purchases 8,200 Accounts payable 8,200 •
Accounts payable 5,200 Merchandise inventory 5,200 • Purchases 8,200 Accounts receivable 8,200 • Merchandise inventory 8,200 Accounts payable 8,200
A company purchases merchandise with a catalog price of $24,500. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise? Multiple Choice • $13,894. • $15,606. • $8,894. • $15,925. • $8,575.
On September 12, Ryan Company sold merchandise in the amount of $6,600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,400. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is: Multiple Choice • Merchandise inventory 6,468 Accounts payable 6,468 • Merchandise inventory 4,400 Accounts payable 4,400 • Purchases 6,468 Accounts payable 6,468 • Purchases 6,600 Accounts payable 6,600
• Accounts payable 6,600 Merchandise inventory
6,600
A company that uses the net method of recording purchases and a perpetual inventory system purchased $3,500 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $700 worth of merchandise. On July 28, it paid the full amount due. The correct journal entry to record the payment on July 28 is: Multiple Choice • Debit Accounts Payable $2,800; credit Merchandise Inventory $84; credit Cash $2,716. • Debit Accounts Payable $2,716; debit Discounts Lost $84; credit Cash $2,800. • Debit Accounts Payable $3,500; credit Cash $3,500. • Debit Merchandise Inventory $2,800; credit Cash $2,800. • Debit Cash $2,800; credit Accounts Payable $2,800.
On February 3, Smart Company sold merchandise in the amount of $1,900 to Truman Company, with credit terms of 3/10, n/30. The cost of the items sold is $1,310. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice • Cash 1,230 Accounts receivable 1,230 • Cash 1,900 Accounts receivable 1,900 • Cash 1,820 Sales discounts 39 Accounts receivable 1,859 • Cash 1,310 Accounts receivable 1,310 • Cash 1,843 Sales discounts 57 Accounts receivable 1,900
A company purchased $11,400 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,200, was added to the invoice amount. On June 20, it returned $1,920 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals: Multiple Choice • $12,120. • $9,224. • $10,396. • $12,020. • $12,600.
Netherland Corporation has the following unadjusted balances: Accounts Receivable, $98,000 (debit), and Allowance for Sales Discounts $480 (credit). Of the receivables, $68,000 of them are within the 3% discount period, and Netherland expects buyers to take $2,040 in future-period discounts ($68,000 × 3%) arising from this period’s sales. The adjusting entry or entries to estimate sales discounts is (are): Multiple Choice • Accounts Receivable 98,000 Sales 98,000 • Sales Discounts 68,000 Sales 68,000 Cost of Goods Sold 2,040 Inventory Returns Estimated 2,040 • Sales Discounts 1,560 Allowance for Sales Discounts 1,560 • Sales Discounts 2,040 Accounts receivable 2,040 • Sales Discounts 2,040 Allowance for Sales Discounts 2,040
A buyer of $8,300 in merchandise inventory failed to take advantage of the vendor's credit terms of 3/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of: Multiple Choice • $100. • $249. • $1,245. • $830. •
A company has net sales of $752,000 and cost of goods sold of $543,000. Its net income is $17,530. The company's gross margin and operating expenses, respectively, are: Multiple Choice • $227,000 and $525,470 • $209,000 and $227,000 • $734,000 and $191,470 • $525,470 and $227,000 • $209,000 and $191,470