Question

5) Acustomer uses their better life Gym credit card to charge a treadmilla Better Life Gym The is $ 1.000 and the interest charge is 18% per annum If the bill not paid in 30 days. The custo to pay the bill within 30 days and interest e d to the customers account. What is the moon interest a) S 30 b) S 15 c) $180 d) $6 6) in a perpetual inventory system using the carnings approach, cost of goods sold is recorded a) on a daily basis. b) at the end of the accounting period. c) on an annual basis. d) with each sale. 7) A company purchased Inventory as follows: 200 units at S 9 300 units at $ 10 The weighted average unit cost for Inventory is a) $ 9.00. b) $ 9.50. c) S 9.60. d) $ 10.00 8) Water Inc. maintains a petty cash fund with a balance of $100. A disbursement of $10 from the fund for postage is recorded as an expense in the accounting records a) at the time the cash is taken from the fund. b) when the postage is used. c) when the petty cash fund is replenished. d) when the adjusting entries are prepared at year end. Scanned with CamScanner

Answer 1

5. b $1000*18/12 =15

6. b

7. c

( 300units*$10+200units*$9)/500units

8. a

1. a

2. c

3. c

4. a

9. a

10.a

11. a

12. d