Exam 9: Sales and Cash Receipts

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. -Explain how the record keeping differs between a cash sale and a credit sale.

(Essay)

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Question 121

A record showing the activity and the balances owed by each customer is called the:

(Multiple Choice)

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Question 122

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

(Short Answer)

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Question 123

The accounts receivable subsidiary ledger:

(Multiple Choice)

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Question 124

Collected a payment from a credit customer.This will be recorded with:

(Multiple Choice)

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Question 125

Showing 121 - 125 of 125

A record showing the activity and the balances owed by each customer is called the:

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

The accounts receivable subsidiary ledger:

Collected a payment from a credit customer.This will be recorded with:

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

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