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ACCT 2000 : Clicker Questions Test 2

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azuremammoth471
15 Mar 2019
School
LSU
Department
Accounting
Course
ACCT 2000
Professor
All

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Document Summary

The shoe box paid freight of on the purchase of merchandise. What account would be debited by the shoe box: freight-in, freight expense, freight-out, inventory. Tiger company uses a perpetual inventory system and returned of merchandise purchased on account. What account would be credited by tiger company: account payable, cash, inventory, purchase returns. What type of account is sales returns and allowances: revenue, contra revenue, assets, contra asset. A credit sale of is made on oct. 1, terms 2/10, n/30. A return of is made on oct. 3. The amount of cash received on oct. 9 should be: , , , . Operating expenses 30000: ,000, ,000, 95,000, 80,000. If tiger has 9000 units on hand at 12/13, the cost of ending inventory under fifo is: ,000, ,000, ,000, ,000. Same info as above but with lifo: ,000, ,000, ,000, ,000. Same info as above but with average: ,000, ,000, ,920, ,000.

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Related Questions

Under the perpetual inventory? system, the adjusting journal entries to record estimated sales returns? (the original sales were on? account) would? be: A. Accounts Receivable XX ???????Sales Revenue XX Sales Revenue XX ???????Cost of Goods Sold XX B. Sales Returns and Allowances XX ???????Cost of Goods Sold XX Merchandise Inventory XX ???????Accounts Receivable XX C. Sales Revenue XX ???????Refunds Payable XX Estimated Returns Inventory XX ???????Cost of Goods Sold XX D. Sales Revenue XX ???????Merchandise Inventory XX Estimated Returns Inventory XX ???????Refunds Payable XX

1. Purchases, $96​; Gross​ Sales, $176​; Sales Returns and​Allowances, $15​; Sales​ Discounts, $24​; Operating​ Expenses,$55​; Net​ Sales, $137​; ​Freight-In, $9​; Beginning​ Inventory,$18​; Ending​Inventory, $8​; Net​ Purchases, $62​; Cost of Goods​Sold, $ 81

a. The gross profit is __

​(Use parentheses or a minus sign to show a net​ loss.)

b. The net income or net loss is __

2.

​Jack's Online Service on April 30 has the following account​balances:

Sales

$27,000

Sales Returns and Allowances

$10,000

Purchases

$16,000

Freightminus−In

$1,700

Purchase Returns and Allow.

$2,200

Purchases Discounts

$1,400

Net purchases for the period​ are:

3. The entry to record a payment on a $660 account within the3​% discount period would include​ a: (Round your calculation tothe nearest whole​ dollar.)

A. debit to Cash for $660.

B. debit to Accounts Payable for $640.

C. debit to Accounts Payable for $660.

D. credit to Purchases for $640.

Use the following information toanswer the next 11 questions. SELECT ALL ANSWERS THATAPPLY.

On May I. Sam Company sold $5,000of inventory to Bob Company. The sale was made on account and Samgranted Bob credit terms of 2/10. n/30. The inventory cost SamCompany $3,000. On May 3, Bob returned $1,000 of the inventory toSam. (The inventory returned by Bob cost Sam $600.) On May 9, Bobpaid Sam in full for the amount due.

1. What account will Bob debit on May I if the periodicinventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

c) Merchandise Inventory

D) Purchases

E) None of the above

2. What account will Bob debit on May I if the perpetualinventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

3. What account will Sam debit on May l if the periodicinventory system, is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

4. What account will Sam debit on May I if the perpetualinventory system is used?

A) Accounts Payable

B) Cost of Goods Sold

C) Merchandise Inventory

D) Purchases

E) None of the above

5. What journal entry will Bob record on May 3 if the periodicinventory system is used?

A) debit Accounts Payable, $1,000; credit Merchandise Inventory,$1,000.

B) debit Accounts Payable, $1,000; credit Purchases, $1,000.

C) debit Accounts Payable, $1,000; credit Purchase Discounts,$1,000.

D) debit Accounts Payable, $1,000; credit Purchase Returns andAllowances, $1,000.

E) debit Merchandise Inventory; $600; credit Cost of Goods Sold,$600.

6. what journal entry will Bob record on May 3 if the perpetualinventory system is used?

A) debit Accounts Payable, $1,000; credit Merchandise Inventory,$1,000.

B) debit Accounts Payable, $1,000; credit Purchases, $1,000.

C) debit Accounts Payable, $1,000; credit Purchase Discounts,$1,000.

D) debit Accounts Payable, $1,000; credit Purchase returns andAllowances, $1,000.

E) debit Merchandise Inventory; $600; credit Cost of Goods Sold,$600.

7. what journal entry will Sam record on May 3 if the periodicinventory system is used?

A) debit Merchandise Inventory, $600; credit Cost of Goods Sold,$600.

B) debit Sales, $1,000; credit Accounts Receivable, $1,000.

C) debit Sales, $1,000; credit Cash, $1,000.

D) debit Sales Returns and Allowances, $1,000; credit AccountsReceivable, $1,000.

E) debit Sales Returns and Allowances, $1,000; credit Cash,$1,000.