Question

Question 4 Not yet answered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, nel 45. The cost of the merchandise sold is $15,400. Travelli Co issued an allowance for $1,750 for merchandise returned that onginally cost $1,400. Trapani Co. paid the invoice within the discount period. What is amount of net sales from the above transactions? Marked out of 2.50 P Flag question Select one A $17,000 B. $15,250 C. $14,945 D. None of these choices Question 5 Not yet answered Please identify an account that will be added to the Balance per Bank at reconciliation Marked out of 2.50 P Fing question Select one A. Outstanding checks 8 Deposit in transit C. Service charge assessed by the bank D. Interest collected by the bank on a customer note Question 6 Which accounting basis states revenues and expenses recognized in the same accounting period that cash receipts and payments occur Not yet answered Marked out of 250 P Flag question Select one A. Under the cash basis of accounting B. Under the accrual basis of accounting Under the adjusting method of accounting D. Under both the cash and accrual basis of accounting

Answer 1

Question 4 - Option C - $14945

Question 5 - Option B - Deposit in Transit

Question 6 - Option A - Under the cash basis of Accounting

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