Jack's Online Service on April 30 has the following account balances: \[\begin{array} { | l | r | } \hline \text { Sales } & \$ 25,000 \\ \hline \text { Sales Returns and Allowances } & 5,000 \\ \hline \text { Purchases } & 14,000 \\ \hline \text { Freight-In } & 1,000 \\ \hline \text { Purchases Returns and Allow. } & 2,000 \\ \hline \text { Purchases Discounts } & 1,400 \\ \hline \end{array}\] Net purchases for the period are:

A) $10,600. B) $9,600. C) $12,600. D) $14,000. A) $10,600. B) $9,600. C) $12,600. D) $14,000.

Exam 10: Purchases and Cash Payments

Jack's Online Service on April 30 has the following account balances: Sales \ 25,000 Sales Returns and Allowances 5,000 Purchases 14,000 Freight-In 1,000 Purchases Returns and Allow. 2,000 Purchases Discounts 1,400 Net purchases for the period are:

(Multiple Choice)

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Question 21

The entry to record a purchase of $5,000 on account,terms of 2/10,n/30,would include a:

(Multiple Choice)

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Question 22

Shoes 'R Us bought some new shoes for its fashion line and is required to pay the freight costs.The freight terms are:

(Multiple Choice)

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Question 23

The Bixby Co.had the following transactions involving the purchase of merchandise.Prepare the necessary general journal entries.Any applicable freight costs are prepaid by the seller.The perpetual inventory method is in use. -Prepare the necessary general journal entry for June 17.Received the goods from Ajax. __________

(Essay)

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Question 24

A form used with a business by the requesting department asking the purchasing department to buy specific goods is called a:

(Multiple Choice)

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Question 25

Determine the amount to be paid within the discount period for purchase with an invoice price of $20,000,subject to credit terms of 2/10,n/30. $ ________

(Short Answer)

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Question 26

Purchased office supplies on account.This will be recorded with:

(Multiple Choice)

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Question 27

Individual amounts are recorded during the month to the accounts payable ledger.

(True/False)

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Question 28

Using the perpetual inventory system,the purchase of merchandise on account would include a:

(Multiple Choice)

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Question 29

Explain the difference between F.O.B.shipping point and F.O.B.destination.

(Essay)

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Question 30

The account Freight-In accumulates the shipping costs to the seller.

(True/False)

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Question 31

Which of the following accounts is a contra-cost account?

(Multiple Choice)

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Question 32

Hardware Restoration had net purchases of $55,000.If Purchases Returns and Allowances are $10,000 and Purchases Discounts are $1,500,what are gross purchases?

(Multiple Choice)

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Question 33

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account in which the account balance is reported. - Column 1 Column 2 Column 3 Purchases Returns and Allowances

(Essay)

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Question 34

An invoice approval form is used by accounting to check the invoice before approving it for payment.

(True/False)

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Question 35

The Bixby Co.had the following transactions involving the purchase of merchandise.Prepare the necessary general journal entries.Any applicable freight costs are prepaid by the seller.The perpetual inventory method is in use. -Prepare the necessary general journal entry for June 20. __________

(Essay)

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Question 36

Journalize the following transactions.All purchases are on account and subject to terms of 2/10,n/30.The periodic inventory method is used. Nov. 3 Purchased merchandise with a price of $\$ 2,000$ from the Bartkowski Inc. Nov. 5 Purchased merchandise from the Thiesman and Co. with a price of $\$ 4,000$ . Nov. 7 Purchased merchandise with a price of $\$ 2,000$ from the Montana Supply Co. Nov. 10 Paid the amount due to Bartkouski Inc. Nov. 12 Paid the amount due to Thiesman and Co. Nov. 23 Paid the amount due to Montana Supply Co. -Journalize the Nov.12 transaction. __________

(Essay)

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Question 37

A Schedule of Accounts Payable is a list of customer accounts that owe the company money.

(True/False)

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Question 38

The account used in perpetual inventory to record the cost of inventory used to make the sale is:

(Multiple Choice)

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Question 39

The Bixby Co.had the following transactions involving the purchase of merchandise.Prepare the necessary general journal entries.Any applicable freight costs are prepaid by the seller.The perpetual inventory method is in use. -Prepare the necessary general journal entry for June 28. __________

(Essay)

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(77)

Question 40

Exam 10: Purchases and Cash Payments

Jack's Online Service on April 30 has the following account balances: Sales \ 25,000 Sales Returns and Allowances 5,000 Purchases 14,000 Freight-In 1,000 Purchases Returns and Allow. 2,000 Purchases Discounts 1,400 Net purchases for the period are:

The entry to record a purchase of $5,000 on account,terms of 2/10,n/30,would include a:

Shoes 'R Us bought some new shoes for its fashion line and is required to pay the freight costs.The freight terms are:

A form used with a business by the requesting department asking the purchasing department to buy specific goods is called a:

Determine the amount to be paid within the discount period for purchase with an invoice price of $20,000,subject to credit terms of 2/10,n/30. $ ________

Purchased office supplies on account.This will be recorded with:

Individual amounts are recorded during the month to the accounts payable ledger.

Using the perpetual inventory system,the purchase of merchandise on account would include a:

Explain the difference between F.O.B.shipping point and F.O.B.destination.

The account Freight-In accumulates the shipping costs to the seller.

Which of the following accounts is a contra-cost account?

Hardware Restoration had net purchases of $55,000.If Purchases Returns and Allowances are $10,000 and Purchases Discounts are $1,500,what are gross purchases?

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account in which the account balance is reported. - Column 1 Column 2 Column 3 Purchases Returns and Allowances

An invoice approval form is used by accounting to check the invoice before approving it for payment.

A Schedule of Accounts Payable is a list of customer accounts that owe the company money.

The account used in perpetual inventory to record the cost of inventory used to make the sale is:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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