ACC 211 Exam 2 Question and answers
already passed 2025
On June 20, Jason, Inc. purchased $14,000 of merchandise inventory paying
cash. - correct answer ✔merchandise inventory db. 14000
cash cd. 140000
On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on
account, credit terms are 2/10, n/30. - correct answer ✔merchandise
inventory db. 27000
accounts payable cd. 27000
On May 15, Jason, Inc. paid the amount due on the purchase of May 7
(27,000 on credit terms 2/10, n/30). - correct answer ✔accounts payable db.
27000
cash cd. 26,460
merchandise inventory cd. 540 (27000 *2%) = 540
On May 9, Matrix, Inc. purchased $20,000 of merchandise inventory on
account, credit terms are 2/10, n/30. - correct answer ✔merchandise
inventory db. 20,000
accounts payable cd. 20,000
On May 10, Matrix, Inc. returned $500 of the $20,000 merchandise to the
supplier. - correct answer ✔accounts payable db. 500
merch inv. cd. 500
, On May 18, Matrix, Inc. paid the amount owed for the purchase of May 9.
20,000 bought, 500 returned, credit terms of 2/10, n/30 - correct answer
✔acc. payable dr. 19500 (minus return)
cash cd. 19110
merch. inven. 390 (19500 * .02 = 390)
On May 12, Jason, Inc. purchased $8,000 of merchandise inventory for cash
and also paid $100 transportation costs because goods were shipped with
terms of FOB shipping point - correct answer ✔merch. inven db. 8100
cash cd. 8100
On July 6, Seller Co. sold $7,500 of merchandise to Buyer, Co. on account;
terms of 2/10,n/30. The shipping terms were FOB shipping point. The shipping
cost was $100. Which of the following will be part of Buyer's July 6 journal
entry?
a. Credit Sales $7,500
b. Credit Purchase Discounts $150
c. Debit Merchandise Inventory $7,600
d. Debit Accounts Payable $7,450 - correct answer ✔C. FOB shipping point
indicates the buyer ultimately pays the freight. This is recorded with
a debit to Merchandise Inventory.
Invoice what do you add/less to get? - correct answer ✔invoice cost of
merch. purchases
add: costs of transportation in
less: purchase discounts, purchase returns and allowances
to get: total cost of merch. purchases
already passed 2025
On June 20, Jason, Inc. purchased $14,000 of merchandise inventory paying
cash. - correct answer ✔merchandise inventory db. 14000
cash cd. 140000
On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on
account, credit terms are 2/10, n/30. - correct answer ✔merchandise
inventory db. 27000
accounts payable cd. 27000
On May 15, Jason, Inc. paid the amount due on the purchase of May 7
(27,000 on credit terms 2/10, n/30). - correct answer ✔accounts payable db.
27000
cash cd. 26,460
merchandise inventory cd. 540 (27000 *2%) = 540
On May 9, Matrix, Inc. purchased $20,000 of merchandise inventory on
account, credit terms are 2/10, n/30. - correct answer ✔merchandise
inventory db. 20,000
accounts payable cd. 20,000
On May 10, Matrix, Inc. returned $500 of the $20,000 merchandise to the
supplier. - correct answer ✔accounts payable db. 500
merch inv. cd. 500
, On May 18, Matrix, Inc. paid the amount owed for the purchase of May 9.
20,000 bought, 500 returned, credit terms of 2/10, n/30 - correct answer
✔acc. payable dr. 19500 (minus return)
cash cd. 19110
merch. inven. 390 (19500 * .02 = 390)
On May 12, Jason, Inc. purchased $8,000 of merchandise inventory for cash
and also paid $100 transportation costs because goods were shipped with
terms of FOB shipping point - correct answer ✔merch. inven db. 8100
cash cd. 8100
On July 6, Seller Co. sold $7,500 of merchandise to Buyer, Co. on account;
terms of 2/10,n/30. The shipping terms were FOB shipping point. The shipping
cost was $100. Which of the following will be part of Buyer's July 6 journal
entry?
a. Credit Sales $7,500
b. Credit Purchase Discounts $150
c. Debit Merchandise Inventory $7,600
d. Debit Accounts Payable $7,450 - correct answer ✔C. FOB shipping point
indicates the buyer ultimately pays the freight. This is recorded with
a debit to Merchandise Inventory.
Invoice what do you add/less to get? - correct answer ✔invoice cost of
merch. purchases
add: costs of transportation in
less: purchase discounts, purchase returns and allowances
to get: total cost of merch. purchases
