Exercise 3-12- Accounts Receivable, assignment help

  

Accounting
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Multiple Choice Question 56
In a perpetual inventory system, cost of goods sold is recorded
with each sale.
on a daily basis.
on a monthly basis.
on an annual basis.
Multiple Choice Question 123
All of the following items would be reported as other expenses and losses except
casualty losses.
interest expense.
freight-out.
loss from employees’ strikes.
Multiple Choice Question 96
As an incentive for customers to pay their accounts promptly, a business may offer its customers
a sales allowance.
a sales discount.
a sales return.
free delivery.
Multiple Choice Question 104
With respect to the income statement,
sales discounts increase the amount of sales.
sales discounts are included in the calculation of gross profit.
contra-revenue accounts increase the amount of operating expenses.
contra-revenue accounts do not appear on the income statement.
Multiple Choice Question 48
The primary source of revenue for a wholesaler is
investment income.
service fees.
the sale of fixed assets the company owns.
the sale of merchandise.
Multiple Choice Question 118
Conrad Company reported the following balances at June 30, 2014:
Sales Revenue
Sales Returns and Allowances
Sales Discounts
Cost of Goods Sold
$16,200
600
300
7,500
Net sales for the month is
$ 16,200.
$ 7,800
$ 15,600.
$ 15,300.
Multiple Choice Question 141
Dawson’s Fashions sold merchandise for $40,000 cash during the month of July. Returns that month
totaled $1,000. If the company’s gross profit rate is 40%, Murray’s will report monthly net sales
revenue and cost of goods sold of
$40,000 and $23,400.
$39,000 and $23,400.
$39,000 and $24,000.
$40,000 and $24,000.
Multiple Choice Question 171
In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of
goods sold was $450,000. The gross profit rate was
40%.
36%.
41.7%.
37.5%.
Multiple Choice Question 73
McIntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for
$9,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The
entry on August 17 for McIntyre Company is:
Accounts Payable
Inventory
Cash
9,000
Accounts Payable
Cash
9,000
Accounts Payable
Cash
8,730
Accounts Payable
Purchase Returns and
Allowances
Cash
9,000
270
8,730
9,000
8,730
270
8,730
Multiple Choice Question 72
Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods
were purchased April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in receiving
full credit is:
Accounts Payable
Inventory
Cash
5,000
Accounts Payable
Inventory
5,000
Accounts Payable
Inventory
Cash
5,000
150
Accounts Payable
Purchase Discounts
Inventory
5,000
120
4,850
5,000
5,150
120
4,850

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