6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
Homework Answers
| 6 |
| Inventory is not a contra account. |
| Inventory is a Current Asset account. |
| Option A is correct |
| 7 |
| To calculate the gross margin percentage, Divide gross margin by net sales |
| Option D is correct |
| 8 |
| The purchaser would debit Accounts Payable and credit Inventory. |
| Option B is correct |
| 9 |
| The seller is responsible for the shipping costs when the shipping terms are FOB destination. |
| Option A is correct |
| 10 |
| The entry to record the cost of goods sold would include a debit to Cost of Goods Sold and a credit to Inventory for the cost of the inventory. |
| Option C is correct |
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6) Which of the following accounts is not a contra
account?
A. Inventory
B. Accumulated Amortization...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200...
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Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
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Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co.,...
Sales-Related Transactions
Using Perpetual Inventory System The following selected
transactions were completed by Amsterdam Supply Co., which sells
office supplies primarily to wholesalers and occasionally to retail
customers: Mar. 2. Sold merchandise on account to Equinox Co.,
$18,800, terms FOB destination, 1/10, n/30. The cost of the goods
sold was $13,090. 3. Sold merchandise for $11,000 plus 6% sales tax
to retail cash customers. The cost of the goods sold was $7,210. 4.
Sold merchandise on account to Empire Co.,...
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers.Green Lawn uses the net method under a perpetual inventory system. July 1. Sold merchandise on account to Landscapes Co., $51,020, terms FOB shipping point, n/eom. The cost of the goods sold was $35,140. 2. Sold merchandise for $11,050 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,830. 5. Sold...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for...
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15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies...
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6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
Sales-Related Transactions
Using Perpetual Inventory System The following selected
transactions were completed by Amsterdam Supply Co., which sells
office supplies primarily to wholesalers and occasionally to retail
customers: Mar. 2. Sold merchandise on account to Equinox Co.,
$18,800, terms FOB destination, 1/10, n/30. The cost of the goods
sold was $13,090. 3. Sold merchandise for $11,000 plus 6% sales tax
to retail cash customers. The cost of the goods sold was $7,210. 4.
Sold merchandise on account to Empire Co.,...
6 Question 3 (10 points) Smithville Furniture sold 15 desks, with a cost of $7500, for $11,250 on account. Smithville uses the periodic inventory system. Which of the following is the correct way to record this transaction? 9 Accounts OA) Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Cost of Goods Sold 7500 Merchandise Inventory 7500 B) Accounts Debit Credit Accounts Receivable 11,250 Sales Revenue 11,250 Purchases 7500 Merchandise Inventory 7500 OC) Accounts Debit Credit Accounts Receivable 11.250 Sales Revenue...
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