Journal Entries Exam Review | Complete
Study Guide | 2026/2027
debit inventory, credit accounts payable - correct answer-Purchased merchandise
from Mockingbird Company for $20,000 terms 2/10, net/30, FOB shipping point.
debit inventory, credit cash - correct answer-paid freight costs of $500 on
merchandise purchased from Mockingbird.
Debit equipment, credit accounts payable - correct answer-Purchased equipment
on account for $29000
debit accounts payable, credit inventory - correct answer-Returned damaged
merchandise to Mockingbird Company and was granted a $3000 credit for
returned merchandise.
Debit accounts payable, credit inventory, credit cash - correct answer-Paid the
amount due to Mockingbird Company in full
debit inventory, credit cash - correct answer-Purchased calculators from Danny
Co for cash
, Debit inventory, credit cash - correct answer-Paid freight of $70 on calculators
purchased from Danny Co.
Debit accounts payable, credit inventory - correct answer-Returned 2 calculators
purchased from Danny Co.
debit accounts receivable, credit sales revenue, debit cost of goods sold, credit
inventory - correct answer-Sold 33 caluclators for $33 each to Great Big Book
Store, terms n/30
Debit sales returns and allowances, credit accounts receivable, debit inventory,
credit cost of goods sold - correct answer-Granted credit of $33 to Great Big Book
Store for the return of one calculator that was not ordered
Debit accounts receivable, credit sales, debit cost of goods sold, credit
merchandise inventory - correct answer-Sold 40 calculators costing $23 for $33
each to Bush's card shop, terms n/30
net sales - correct answer-sales less sales returns and allowances and sales
discounts
gross profit - correct answer-net sales - cost of goods sold
debit accounts receivable, credit sales revenue, debit cost of goods sold, credit
inventory - correct answer-Stealer's company sold $400000 of merhcnadise to
Sharif Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold
was $240000.
Study Guide | 2026/2027
debit inventory, credit accounts payable - correct answer-Purchased merchandise
from Mockingbird Company for $20,000 terms 2/10, net/30, FOB shipping point.
debit inventory, credit cash - correct answer-paid freight costs of $500 on
merchandise purchased from Mockingbird.
Debit equipment, credit accounts payable - correct answer-Purchased equipment
on account for $29000
debit accounts payable, credit inventory - correct answer-Returned damaged
merchandise to Mockingbird Company and was granted a $3000 credit for
returned merchandise.
Debit accounts payable, credit inventory, credit cash - correct answer-Paid the
amount due to Mockingbird Company in full
debit inventory, credit cash - correct answer-Purchased calculators from Danny
Co for cash
, Debit inventory, credit cash - correct answer-Paid freight of $70 on calculators
purchased from Danny Co.
Debit accounts payable, credit inventory - correct answer-Returned 2 calculators
purchased from Danny Co.
debit accounts receivable, credit sales revenue, debit cost of goods sold, credit
inventory - correct answer-Sold 33 caluclators for $33 each to Great Big Book
Store, terms n/30
Debit sales returns and allowances, credit accounts receivable, debit inventory,
credit cost of goods sold - correct answer-Granted credit of $33 to Great Big Book
Store for the return of one calculator that was not ordered
Debit accounts receivable, credit sales, debit cost of goods sold, credit
merchandise inventory - correct answer-Sold 40 calculators costing $23 for $33
each to Bush's card shop, terms n/30
net sales - correct answer-sales less sales returns and allowances and sales
discounts
gross profit - correct answer-net sales - cost of goods sold
debit accounts receivable, credit sales revenue, debit cost of goods sold, credit
inventory - correct answer-Stealer's company sold $400000 of merhcnadise to
Sharif Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold
was $240000.
