Question 1

Recording to the accounts receivable subsidiary ledger is done:

Accepted Answer

A) daily. 
B) monthly. 
C) weekly. 
D) annually. 
A) daily. 
B) monthly. 
C) weekly. 
D) annually. A

Question 2

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for December 10.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 3

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for July 20.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 4

The discount period is longer than the credit period.

Accepted Answer

A) True 
 B)False

Question 5

Gross sales equals:

Accepted Answer

A) net sales minus sales discount. 
B) sales discount less net income. 
C) the total of cash sales and credit sales. 
D) supplies minus inventory. 
A) net sales minus sales discount. 
B) sales discount less net income. 
C) the total of cash sales and credit sales. 
D) supplies minus inventory.

Question 6

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for July 16,Sold merchandise on account with an invoice price of $4,500 to Carter and Co.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 7

B&B Lumber reports gross sales of $80,000.If sales returns and allowances are $20,000 and sales discounts are $3,000,what are the net sales?

Accepted Answer

A) $83,000 
B) $63,000 
C) $57,000 
D) $70,000 
A) $83,000 
B) $63,000 
C) $57,000 
D) $70,000

Question 8

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for April 15.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 9

Home Restoration reports net sales of $60,000.If sales returns and allowances are $10,000 and sales discounts are $1,500,what are gross sales?

Accepted Answer

A) $60,000 
B) $71,500 
C) $68,500 
D) $38,500 
A) $60,000 
B) $71,500 
C) $68,500 
D) $38,500

Question 10

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.

Accepted Answer

A) True 
 B)False

Question 11

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for July 25.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 12

Customer returned merchandise for credit.This will be recorded with:

Accepted Answer

A) a debit to an asset account. 
B) a debit to a revenue account. 
C) a credit to an asset account. 
D) None of these is correct. 
A) a debit to an asset account. 
B) a debit to a revenue account. 
C) a credit to an asset account. 
D) None of these is correct.

Question 13

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for April 30.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 14

The collection on account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts.This error will cause:

Accepted Answer

A) the net income for the period to be understated. 
B) the net income for the period to be overstated. 
C) the control account to not agree with the subsidiary ledger. 
D) the assets to be overstated. 
A) the net income for the period to be understated. 
B) the net income for the period to be overstated. 
C) the control account to not agree with the subsidiary ledger. 
D) the assets to be overstated.

Question 15

When using a subsidiary ledger,the Accounts Receivable account in the general ledger is called the:

Accepted Answer

A) master account. 
B) subsidiary account. 
C) receivable account. 
D) controlling account. 
A) master account. 
B) subsidiary account. 
C) receivable account. 
D) controlling account.

Question 16

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-Prepare the necessary general journal entry for April 14.
__________________________________________ __________ __________
__________________________________________ __________ __________
__________________________________________ __________ __________

Accepted Answer

The answer of Plymouth Sharks Hockey Accessories had the following...

Question 17

The document indicating to the customer that the seller is reducing the amount owed by the customer is:

Accepted Answer

A) credit memorandum. 
B) sales discount. 
C) sales returns and allowances. 
D) debit memorandum. 
A) credit memorandum. 
B) sales discount. 
C) sales returns and allowances. 
D) debit memorandum.

Question 18

Credit terms of 2/10,n/30 mean that:

Accepted Answer

A) a 2% discount is allowed if the bill is paid within between 10 and 30 days. 
B) a 2% discount is allowed if the bill is paid within 30 days. 
C) a 2% discount is allowed if the bill is paid after 10 days. 
D) a 2% discount is allowed if the customer pays the bill within 10 days,or the entry amount is due within 30 days. 
A) a 2% discount is allowed if the bill is paid within between 10 and 30 days. 
B) a 2% discount is allowed if the bill is paid within 30 days. 
C) a 2% discount is allowed if the bill is paid after 10 days. 
D) a 2% discount is allowed if the customer pays the bill within 10 days,or the entry amount is due within 30 days.

Question 19

A characteristic of a schedule of accounts receivable is that:

Accepted Answer

A) it contains a list of customers' names with balances. 
B) the total is equal to the accounts receivable control account at the end of the month. 
C) it is prepared at the end of the month. 
D) All of these answers are correct. 
A) it contains a list of customers' names with balances. 
B) the total is equal to the accounts receivable control account at the end of the month. 
C) it is prepared at the end of the month. 
D) All of these answers are correct.

Question 20

The length of time the customer is allowed to repay the bill is the:

Accepted Answer

A) discount period. 
B) short period. 
C) credit period. 
D) due date. 
A) discount period. 
B) short period. 
C) credit period. 
D) due date.

Recording to the accounts receivable subsidiary ledger is done:

The discount period is longer than the credit period.

Gross sales equals:

B&B Lumber reports gross sales of $80,000.If sales returns and allowances are $20,000 and sales discounts are $3,000,what are the net sales?

Home Restoration reports net sales of $60,000.If sales returns and allowances are $10,000 and sales discounts are $1,500,what are gross sales?

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.

Customer returned merchandise for credit.This will be recorded with:

The collection on account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts.This error will cause:

When using a subsidiary ledger,the Accounts Receivable account in the general ledger is called the:

The document indicating to the customer that the seller is reducing the amount owed by the customer is:

Credit terms of 2/10,n/30 mean that:

A characteristic of a schedule of accounts receivable is that:

The length of time the customer is allowed to repay the bill is the:

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:

Purchases and Cash Payments

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

Filters

Exam 9: Sales and Cash Receipts

Recording to the accounts receivable subsidiary ledger is done:

The discount period is longer than the credit period.

Gross sales equals:

B&B Lumber reports gross sales of $80,000.If sales returns and allowances are $20,000 and sales discounts are $3,000,what are the net sales?

Home Restoration reports net sales of $60,000.If sales returns and allowances are $10,000 and sales discounts are $1,500,what are gross sales?

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.

Customer returned merchandise for credit.This will be recorded with:

The collection on account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts.This error will cause:

When using a subsidiary ledger,the Accounts Receivable account in the general ledger is called the:

The document indicating to the customer that the seller is reducing the amount owed by the customer is:

Credit terms of 2/10,n/30 mean that:

A characteristic of a schedule of accounts receivable is that:

The length of time the customer is allowed to repay the bill is the:

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:

Purchases and Cash Payments

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

Filters