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Posted: March 17th, 2023
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Question 1 of 20 |
0.0/ 5.0 Points |
Medeco bought goods for $250 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If Medeco pays the amount owed within the discount period, what is the amount it should pay?
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[removed] A. $250 |
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[removed] B. $204 |
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[removed] C. $196 |
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[removed] D. $200 |
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Question 2 of 20 |
0.0/ 5.0 Points |
A list of creditors with balances owed is called a
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[removed] A. schedule of accounts receivable. |
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[removed] B. schedule of accounts payable. |
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[removed] C. list of suppliers. |
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[removed] D. trade list. |
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Question 3 of 20 |
0.0/ 5.0 Points |
The normal balance for Purchases Returns and Allowances is
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[removed] A. a debit. |
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[removed] B. a credit. |
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[removed] C. zero. |
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[removed] D. It doesn’t have a normal balance. |
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Question 4 of 20 |
0.0/ 5.0 Points |
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[removed] A. O.B. shipping point means |
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[removed] B. the buyer pays for the freight. |
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[removed] C. the seller pays for the freight. |
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[removed] D. the title passes at time of shipment. |
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[removed] E. Both A and C |
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Question 5 of 20 |
5.0/ 5.0 Points |
When the term F.O.B. shipping point is used, title passes when the
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[removed] A. goods reach the halfway point. |
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[removed] B. goods reach the destination. |
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[removed] C. goods are shipped. |
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[removed] D. buyer unpacks the goods. |
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Question 6 of 20 |
5.0/ 5.0 Points |
The entry to record a purchase of $5,000 on account, terms of 2/10, n/30, would include a
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[removed] A. debit to Purchases Discount for $100. |
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[removed] B. credit to Accounts Payable for $5,000. |
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[removed] C. debit to Accounts Payable for $5,000. |
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[removed] D. credit to Cash for $5,000. |
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Question 7 of 20 |
0.0/ 5.0 Points |
The entry to record a payment on a $600 account within the 2% discount period would include a
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[removed] A. debit to Accounts Payable for $588. |
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[removed] B. debit to Accounts Payable for $600. |
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[removed] C. credit to Purchases for $588. |
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[removed] D. debit to Cash for $600. |
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Question 8 of 20 |
5.0/ 5.0 Points |
Merchandise paid for within the discount period for a Cash refund was returned. This will be recorded with a
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[removed] A. credit to a liability. |
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[removed] B. credit to an asset. |
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[removed] C. debit to a liability. |
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[removed] D. debit to an asset. |
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Question 9 of 20 |
5.0/ 5.0 Points |
Purchases are a/an
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[removed] A. cost. |
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[removed] B. asset. |
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[removed] C. liability. |
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[removed] D. revenue. |
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Question 10 of 20 |
5.0/ 5.0 Points |
Clothes R Us bought some new clothes for its fashion line and is required to pay the freight costs. The freight terms are
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[removed] A. F.O.B. destination. |
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[removed] B. F.O.B. shipping point. |
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[removed] C. 3/10, n/30. |
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[removed] D. None of the above |
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Question 11 of 20 |
5.0/ 5.0 Points |
Tyler returned $500 worth of merchandise within the discount period. The entry to record the return is which of the following?
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[removed] A. Debit Purchases for $500; credit Accounts Payable $500 |
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[removed] B. Debit Purchases for $500; credit Purchases Returns and Allowances $500 |
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[removed] C. Debit Accounts Payable/Suppliers Name for $500; credit Purchases Returns and Allowances for $500 |
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[removed] D. Debit to Accounts Payable for $500, credit Purchases Discount for $500 |
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Question 12 of 20 |
0.0/ 5.0 Points |
On April 30, Miller’s Bike Goods purchased $600 of merchandise on account from the Spark Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Spark Company and added to the invoice. The amount to record in the Purchases account is
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[removed] A. $650. |
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[removed] B. $640. |
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[removed] C. $550. |
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[removed] D. $450. |
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Question 13 of 20 |
0.0/ 5.0 Points |
Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period?
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[removed] A. $450 |
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[removed] B. $510 |
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[removed] C. $500 |
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[removed] D. $490 |
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Question 14 of 20 |
5.0/ 5.0 Points |
When merchandise is bought for resale, which account would be decreased?
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[removed] A. Store Equipment |
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[removed] B. Purchases |
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[removed] C. Cash |
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[removed] D. Capital |
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Question 15 of 20 |
0.0/ 5.0 Points |
On February 12, Clare purchased $400 of merchandise on account from Larsen’s Accessories, terms 2/10, n/30. The goods were shipped F.O.B. destination. The freight charge was $40. The amount to be recorded in the Accounts Payable Subsidiary ledger is
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[removed] A. $392. |
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[removed] B. $408. |
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[removed] C. $400. |
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[removed] D. $440. |
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Question 16 of 20 |
0.0/ 5.0 Points |
A debit memorandum increases which account on the buyer’s books?
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[removed] A. Accounts Payable |
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[removed] B. Purchases Returns and Allowances |
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[removed] C. Sales Returns and Allowances |
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[removed] D. Accounts Receivable |
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Question 17 of 20 |
0.0/ 5.0 Points |
On November 30, Janoch’s Dog Kennel purchased $600 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is
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[removed] A. $600. |
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[removed] B. $640. |
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[removed] C. $560. |
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[removed] D. $550. |
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Question 18 of 20 |
0.0/ 5.0 Points |
Heidi’s Accessories bought 50 necklaces for $10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the purchase would include a debit to
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[removed] A. Accounts Payable for $530. |
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[removed] B. Accounts Payable for $500. |
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[removed] C. Purchases for $530. |
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[removed] D. Purchases for $500. |
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Question 19 of 20 |
0.0/ 5.0 Points |
The Accounts Payable subsidiary ledger
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[removed] A. lists accounts alphabetically. |
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[removed] B. lists accounts for which the company owes money. |
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[removed] C. has a controlling account in the general ledger. |
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[removed] D. All of the above |
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Question 20 of 20 |
0.0/ 5.0 Points |
If a display rack was purchased for the store, which account would be increased?
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[removed] A. Store Equipment |
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[removed] B. Purchases |
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[removed] C. Cash |
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[removed] D. Capital |
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