ACC200 Exam 2; Questions & Answers 100%
Verified
Buyer A purchased $600 of inventory on July 1 with credit terms 2/10, n30 . On July 9, buyer A
pays for the July 1 Inventory purchase. How much cash will be paid by Buyer A on July 9th?
A.588
B.576
C.600
D.624 Correct answer-A.588
Customer D purchased $800 of inventory from us on August 1 with credit terms of 3/15 N 45 .
On August 7 seller issued a credit memorandum to customer D in the amount of $100 for
damages to the inventory sold to Customer D on August 1 . On August 11 customer D pays us
the entire amount owed to us. using the perpetual inventory method, the journal entry made
by customer D on August 11th will include but not limited to.
A. debit to accounts receivable for $700 and a credit to cash for $700
B.Debit to cash for 800 and a credit to sales for $800
C.credit to cash for $679 and a credit to inventory for $21
D. debit to sales discounts for $21 and a credit to accounts receivable for $700 Correct
answer-C.
Seller uses a periodic inventory system. On June 1 seller sells $1,000 of merchandise with credit
terms and of 3/15 N30. The merchandise has a cost to seller of $650. The journal entry made by
seller on June 1 will include (but not limited to)
, ACC200 Exam 2; Questions & Answers 100%
Verified
A. A debt to accounts receivable for $650 and a credit to sales for $650.
B. Debit to accounts receivable for $1,000 and a credit to inventory for $650
C. credit to inventory for $650 and a debit to cost of goods sold for $650
D. credit to sales for $1,000 and a debit to accounts receivable for $1,000 Correct
answer-D
When a buyer using the perpetual inventory system purchases inventory with freight terms FOB
shipping the freight charges will result in which of the following?
A. The operating expense account for freight increasing
B. The inventory account increasing
C. The freight in income statement account increasing.
D. The seller pays the freight change Correct answer-B
Adjusting entries are recorded in which journal ?
A. A special journal
B. The general journal
C. The general ledger
D. The subsidiary ledger Correct answer-B
Which of the following is one of the advantages of using a subsidiary ledger?
A. Gives you more of the detail that is necessary when preparing a trial balance .
Verified
Buyer A purchased $600 of inventory on July 1 with credit terms 2/10, n30 . On July 9, buyer A
pays for the July 1 Inventory purchase. How much cash will be paid by Buyer A on July 9th?
A.588
B.576
C.600
D.624 Correct answer-A.588
Customer D purchased $800 of inventory from us on August 1 with credit terms of 3/15 N 45 .
On August 7 seller issued a credit memorandum to customer D in the amount of $100 for
damages to the inventory sold to Customer D on August 1 . On August 11 customer D pays us
the entire amount owed to us. using the perpetual inventory method, the journal entry made
by customer D on August 11th will include but not limited to.
A. debit to accounts receivable for $700 and a credit to cash for $700
B.Debit to cash for 800 and a credit to sales for $800
C.credit to cash for $679 and a credit to inventory for $21
D. debit to sales discounts for $21 and a credit to accounts receivable for $700 Correct
answer-C.
Seller uses a periodic inventory system. On June 1 seller sells $1,000 of merchandise with credit
terms and of 3/15 N30. The merchandise has a cost to seller of $650. The journal entry made by
seller on June 1 will include (but not limited to)
, ACC200 Exam 2; Questions & Answers 100%
Verified
A. A debt to accounts receivable for $650 and a credit to sales for $650.
B. Debit to accounts receivable for $1,000 and a credit to inventory for $650
C. credit to inventory for $650 and a debit to cost of goods sold for $650
D. credit to sales for $1,000 and a debit to accounts receivable for $1,000 Correct
answer-D
When a buyer using the perpetual inventory system purchases inventory with freight terms FOB
shipping the freight charges will result in which of the following?
A. The operating expense account for freight increasing
B. The inventory account increasing
C. The freight in income statement account increasing.
D. The seller pays the freight change Correct answer-B
Adjusting entries are recorded in which journal ?
A. A special journal
B. The general journal
C. The general ledger
D. The subsidiary ledger Correct answer-B
Which of the following is one of the advantages of using a subsidiary ledger?
A. Gives you more of the detail that is necessary when preparing a trial balance .
