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Presentation/PPT
27/08/2022
Sue’s Jewelry sold 30 necklaces for $25 each to a credit customer. The invoice included a 6% sales tax and payment terms of 2/10, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the return would include:
a credit to Sales Tax Payable for $7.50.
a debit to Sales Returns and Allowances for $125.00.
a debit to Accounts Receivable for $132.50.
a debit to Sales Returns and Allowances for $132.50.
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Question 5 2.5 pts
When completing a worksheet:
the ending inventory amount appears in the income statement debit column.
the beginning inventory amount appears in the balance sheet debit column of the worksheet.
the ending inventory amount appears in the unadjusted trial balance debit column of the worksheet.
the beginning inventory amount appears in the adjustment credit column.
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Question 6 2.5 pts
Sales Returns and Allowances is a contra-revenue account with a normal debit balance.
True
False
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Question 7 2.5 pts
An example of a subsidiary ledger is the revenue ledger.
True
False
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Question 8 2.5 pts
Accounts in the accounts receivable subsidiary ledger are listed alphabetically.
True
False
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Question 9 2.5 pts
The balance in the Accounts Receivable account is $2,200 debit. Therefore, the balances in the subsidiary ledger should be $2,000.
True
False
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Question 10 2.5 pts
The controlling account is found in the subsidiary ledger and it summarizes or controls the general ledger account.
True
False
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Question 11 2.5 pts
The accounts receivable subsidiary ledger shows the amount collected from each customer.
True
False
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Question 12 2.5 pts
When you record the entry to the subsidiary ledger and place the checkmark in the PR column, it is necessary to post to the Accounts Receivable controlling account.
True
False
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Question 13 2.5 pts
The general ledger and the accounts receivable subsidiary ledger are the same book.
True
False
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Question 14 2.5 pts
Using the perpetual inventory system, the purchase of merchandise on account would include a:
debit to Merchandise Inventory and a credit to Accounts Payable.
debit to Sales and a credit to Accounts Receivable.
debit to Accounts Payable and a credit to Merchandise Inventory.
debit to Merchandise Inventory and a credit to Sales.
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Question 15 2.5 pts
The return of merchandise to the supplier for credit using the perpetual inventory system would include a:
debit to Accounts Payable and a credit to Merchandise Inventory.
debit to Accounts Receivable and a credit to Accounts Payable.
debit to Accounts Payable and a credit to Purchases Returns and Allowances.
debit to Sales Returns and Allowances and a credit to Merchandise Inventory.
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Question 16 2.5 pts
The recording of the cost of freight-in under the perpetual inventory system would include a:
credit to Freight-In.
credit to Merchandise Inventory.
debit to Freight-In.
debit to Merchandise Inventory.
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Question 17 2.5 pts
The account used in perpetual inventory to record the cost of inventory used to make the sale is:
Purchases Returns and Allowances.
Purchases Discounts.
Purchases.
Cost of Goods Sold.
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Question 18 2.5 pts
Returned merchandise for credit under the perpetual inventory method. This will be recorded with:
a debit to Accounts Payable and a credit to Merchandise Inventory.
a debit to Accounts Payable and a credit to Purchases Returns and Allowances.
a debit to Purchase Returns and Allowances and a credit to Merchandise Inventory.
a credit to Accounts Payable and a debit to Merchandise Inventory.
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Question 19 2.5 pts
When using a perpetual inventory method, what account(s) must be updated when a sale is recognized?
Supplies
Cost of Goods Sold
Both A and C are correct.
Merchandise Inventory
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Question 20 2.5 pts
Merchandise Inventory is what type of account?
Contra-Asset
Expense
Asset
Liability
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Question 21 2.5 pts
Returned merchandise for credit on account. The perpetual inventory system is in use. This will be recorded with:
a debit to an asset and a credit to a liability.
a debit to a liability and a credit to an asset.
a debit to a liability and a credit to an expense.
a debit to an asset and a credit to an expense.
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Question 22 2.5 pts
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