TEST BANK FOR FUNDAMENTAL ACCOUNTING PRINCIPLES VOL. 1 17TH EDITION BY KERMIT D. LARSON, JOHN J WILD & BARBARA CHIAPPETTA

TEST BANK FOR FUNDAMENTAL ACCOUNTING PRINCIPLES VOL. 1 17TH EDITION BY KERMIT D. LARSON, JOHN J WILD & BARBARA CHIAPPETTA APPENDIX 2: ALGO MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10, n/30 and the cost of the games was $1,800. When recording the sales transaction in its sales journal, Maxie’s would enter: A) $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Cost of Goods Sold Dr./Inventory Cr. column. B) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Accounts Payable Dr./Purchases Cr. column. C) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Cash Cr. column. D) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Cost of Goods Sold Dr./Inventory Cr. column. E) $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Other Accounts Dr. column. 2) Maxie's Game World sold games to a customer on credit for $4,300, terms 1/10, n/30 and the cost of the games was $3,400. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie’s would enter: A) $4,300 in the Cash Dr. column and $4,300 in the Accounts Receivable Cr. column. B) $4,257 in the Cash Dr. column and $4,257 in the Accounts Receivable Cr. column. C) $4,257 in the Cash Dr. column, $43 in the Sales Discount Dr. column and $4,300 in the Accounts Receivable Cr. column. D) $4,300 in the Accounts Re