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 Practice: Connect Knowledge Check (2021.7 New) with credit terms of 2/10, n/30. The cost of the items sold is $4,000. 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 3,920 Sales discounts 80 Accounts receivable 4,000 • Cash 5,684 Sales discounts 116 Accounts receivable 5,800 • Cash 5,800 Accounts receivable 5,800 • Cash 5,684 Accounts receivable 5,684 • Cash 4,000 Accounts receivable 4,000 On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries
that Ryan will make on September 12 is (are): Multiple Choice • Sales 5,800 Accounts receivable 5,800 • Accounts receivable 5,800 Sales 5,800 • Accounts receivable 5,684 Sales 5,684 • Accounts receivable 5,684 Sales 5,684 Cost of goods sold 4,000 Merchandise Inventory 4,000 • Accounts receivable 5,800 Sales 5,800 Cost of Goods Sold 4,000 Merchandise inventory 4,000
Mega Skateboard Supplier had net sales of $2.8 million, its cost of goods sold was $1.6 million, and its net income was $0.9 million. Its gross margin ratio equals: Multiple Choice • 32%. • 43%. • 175%. • 57%. • 56%.
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ryan must make on September 14 is (are):
Multiple Choice • Sales returns and allowances Accounts receivable Merchandise inventory 350 Cost of goods sold 350 • Sales returns and allowances Accounts receivable • Sales returns and allowances Accounts receivable Merchandise inventory 343 Cost of goods sold 343 • Sales returns and allowances Accounts receivable • Sales returns and allowances Accounts receivable
490 490
350 350 490 490
490 490 500 500
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is: Multiple Choice • $3,995.00. • $3,725.00. • $4,000.50. • $3,925.00. • $4,075.00.
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The amount of the cash paid on July 28 equals: Multiple Choice • $1,600.
• $1,568. • $200. • $1,800. • $1,564.
A company's current assets are $23,420, its quick assets are $13,890 and its current liabilities are $12,220. Its acid-test ratio equals: Multiple Choice • 1.91. • 0.52. • 0.88. • 1.41. • 1.14.
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice • $200. • $1,800. • $1,564. • $1,600. • $1,568.
Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due.
The correct journal entry to record the payment on August 16 is: Multiple Choice • Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50. • Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50. • Debit Accounts Payable $8,167.50; credit Cash $8,167.50. • Debit Merchandise Inventory $8,250; credit Cash $8,250. • Debit Cash $8,250; credit Accounts Payable $8,250.
A company uses the perpetual inventory system and recorded the following entry: Accounts Payable 2,500 Merchandise Inventory Cash 2,450
50
This entry reflects a: Multiple Choice • Payment of the account payable less a 1% cash discount taken. • Sale of merchandise on credit. • Payment of the account payable less a 2% cash discount taken. • Return of merchandise. • Purchase of merchandise on credit.