Accounting help ACC, homework help

  

Accounting
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The journal entry to record a return of merchandise purchased on account under a perpetual inventory
system would credit
Accounts Payable.
Inventory.
Purchase Returns and Allowances.
Sales Revenue.
Multiple Choice Question 65
Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of
2/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period?
$8,280
$9,000
$8,100
$8,820
Multiple Choice Question 80
Cleese Company sells merchandise on account for $5,000 to Langston Company with credit terms of
2/10, n/30. Langston Company returns $1,000 of merchandise that was damaged, along with a check
to settle the account within the discount period. What is the amount of the check?
$ 4,000
$ 4,900
$ 4,920
$ 3,920
Multiple Choice Question 82
The collection of a $1,000 account after the 2 percent discount period will result in a
debit to Cash for $980.
credit to Accounts Receivable for $1,000.
credit to Cash for $1,000.
debit to Sales Discounts for $20.
Multiple Choice Question 95
A Sales Returns and Allowances account is not debited if a customer
returns goods that are not in accordance with specifications.
returns defective merchandise.
receives a credit for merchandise of inferior quality.
utilizes a prompt payment incentive.
Multiple Choice Question 97
The credit terms offered to a customer by a business firm are 2/10, n/30, which means that
the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
two sales returns can be made within 10 days of the invoice date and no returns thereafter.
the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from
the invoice date.
the customer must pay the bill within 10 days.
Multiple Choice Question 101
Carter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of
2/10, n/30. Hannah Company returns $600 of merchandise that was damaged, along with a check to
settle the account within the discount period. What entry does Carter Company make upon receipt of
the check?
Cash
Sales Returns and Allowances
Accounts Receivable
3,332
688
Cash
Accounts Receivable
3,400
Cash
Sales Returns and Allowances
Sales Discounts
Accounts Receivable
3,332
600
68
Cash
Sales Discounts
Sales Returns and Allowances
3,920
80
4,000
3,400
4,000
600
Accounts Receivable
3,400
Multiple Choice Question 166
Rae Company uses a perpetual inventory system made a purchase of merchandise on credit from
Tyree Corporation on August 3, for $9,000, terms 2/10, n/45. On August 10, Rae makes the
appropriate payment to Tyree. The entry on August 10 for Rae Company is
Accounts Payable
Inventory
Cash
9,000
Accounts Payable
Cash
8,820
Accounts Payable
Cash
9,000
Accounts Payable
Purchase Returns and
Allowances
Cash
9,000
180
8,820
8,820
9,000
180
8,820

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