Top Tutors
The team is composed solely of exceptionally skilled graduate writers, each possessing specialized knowledge in specific subject areas and extensive expertise in academic writing.
Order for this Paper or Similar Assignment Writing Help
Click to fill the order details form in a few minute.
Posted: March 17th, 2023
Question 1 of 20 0.0/ 5.0 points medeco bought goods for $250 on
|
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?
|
[removed] A. $250 |
|
|
[removed] B. $204 |
|
|
[removed] C. $196 |
|
|
[removed] D. $200 |
|
Question 2 of 20 |
0.0/ 5.0 Points |
A list of creditors with balances owed is called a
|
[removed] A. schedule of accounts receivable. |
|
|
[removed] B. schedule of accounts payable. |
|
|
[removed] C. list of suppliers. |
|
|
[removed] D. trade list. |
|
Question 3 of 20 |
0.0/ 5.0 Points |
The normal balance for Purchases Returns and Allowances is
|
[removed] A. a debit. |
|
|
[removed] B. a credit. |
|
|
[removed] C. zero. |
|
|
[removed] D. It doesn’t have a normal balance. |
|
Question 4 of 20 |
0.0/ 5.0 Points |
|
[removed] A. O.B. shipping point means |
|
|
[removed] B. the buyer pays for the freight. |
|
|
[removed] C. the seller pays for the freight. |
|
|
[removed] D. the title passes at time of shipment. |
|
|
[removed] E. Both A and C |
|
Question 5 of 20 |
5.0/ 5.0 Points |
When the term F.O.B. shipping point is used, title passes when the
|
[removed] A. goods reach the halfway point. |
|
|
[removed] B. goods reach the destination. |
|
|
[removed] C. goods are shipped. |
|
|
[removed] D. buyer unpacks the goods. |
|
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
|
[removed] A. debit to Purchases Discount for $100. |
|
|
[removed] B. credit to Accounts Payable for $5,000. |
|
|
[removed] C. debit to Accounts Payable for $5,000. |
|
|
[removed] D. credit to Cash for $5,000. |
|
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
|
[removed] A. debit to Accounts Payable for $588. |
|
|
[removed] B. debit to Accounts Payable for $600. |
|
|
[removed] C. credit to Purchases for $588. |
|
|
[removed] D. debit to Cash for $600. |
|
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
|
[removed] A. credit to a liability. |
|
|
[removed] B. credit to an asset. |
|
|
[removed] C. debit to a liability. |
|
|
[removed] D. debit to an asset. |
|
Question 9 of 20 |
5.0/ 5.0 Points |
Purchases are a/an
|
[removed] A. cost. |
|
|
[removed] B. asset. |
|
|
[removed] C. liability. |
|
|
[removed] D. revenue. |
|
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
|
[removed] A. F.O.B. destination. |
|
|
[removed] B. F.O.B. shipping point. |
|
|
[removed] C. 3/10, n/30. |
|
|
[removed] D. None of the above |
|
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?
|
[removed] A. Debit Purchases for $500; credit Accounts Payable $500 |
|
|
[removed] B. Debit Purchases for $500; credit Purchases Returns and Allowances $500 |
|
|
[removed] C. Debit Accounts Payable/Suppliers Name for $500; credit Purchases Returns and Allowances for $500 |
|
|
[removed] D. Debit to Accounts Payable for $500, credit Purchases Discount for $500 |
|
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
|
[removed] A. $650. |
|
|
[removed] B. $640. |
|
|
[removed] C. $550. |
|
|
[removed] D. $450. |
|
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?
|
[removed] A. $450 |
|
|
[removed] B. $510 |
|
|
[removed] C. $500 |
|
|
[removed] D. $490 |
|
Question 14 of 20 |
5.0/ 5.0 Points |
When merchandise is bought for resale, which account would be decreased?
|
[removed] A. Store Equipment |
|
|
[removed] B. Purchases |
|
|
[removed] C. Cash |
|
|
[removed] D. Capital |
|
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
|
[removed] A. $392. |
|
|
[removed] B. $408. |
|
|
[removed] C. $400. |
|
|
[removed] D. $440. |
|
Question 16 of 20 |
0.0/ 5.0 Points |
A debit memorandum increases which account on the buyer’s books?
|
[removed] A. Accounts Payable |
|
|
[removed] B. Purchases Returns and Allowances |
|
|
[removed] C. Sales Returns and Allowances |
|
|
[removed] D. Accounts Receivable |
|
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
|
[removed] A. $600. |
|
|
[removed] B. $640. |
|
|
[removed] C. $560. |
|
|
[removed] D. $550. |
|
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
|
[removed] A. Accounts Payable for $530. |
|
|
[removed] B. Accounts Payable for $500. |
|
|
[removed] C. Purchases for $530. |
|
|
[removed] D. Purchases for $500. |
|
Question 19 of 20 |
0.0/ 5.0 Points |
The Accounts Payable subsidiary ledger
|
[removed] A. lists accounts alphabetically. |
|
|
[removed] B. lists accounts for which the company owes money. |
|
|
[removed] C. has a controlling account in the general ledger. |
|
|
[removed] D. All of the above |
|
Question 20 of 20 |
0.0/ 5.0 Points |
If a display rack was purchased for the store, which account would be increased?
|
[removed] A. Store Equipment |
|
|
[removed] B. Purchases |
|
|
[removed] C. Cash |
|
|
[removed] D. Capital |
Why Choose our Custom Writing Services
We prioritize delivering top quality work sought by students.
Discounted Pricing
Our writing services uphold the utmost quality standards while remaining budget-friendly for students. Our pricing is not only equitable but also competitive in comparison to other writing services available.
0% similarity Index
Guaranteed Plagiarism-Free Content: We assure you that every product you receive is entirely free from plagiarism. Prior to delivery, we meticulously scan each final draft to ensure its originality and authenticity for our valued customers.
How it works
When you decide to place an order with Dissertation Help, here is what happens:
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.