Exam 7: Accounting for Sales and Accounts Receivable

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JCPenney issues its own credit cards to its customers who have established credit with them. It's customers used these cards to charge $300 worth of sales. There is no sales tax associated with the sales. JCPenney would record these sales by:

(Multiple Choice)

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Question 21

Kay Sadia sold merchandise for $15,200 subject to a 7% sales tax. The entry in the sales journal will include a debit to Accounts Receivable for

(Multiple Choice)

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Question 22

ABC Skiing Essentials uses special journals. If a credit customer returns $8,000 of goods on which $560 of sales tax was charged, select the correct entry to record the return:

(Multiple Choice)

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Question 23

For each of the transactions listed below, select the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal. -Sold merchandise for cash

(Multiple Choice)

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Question 24

GiGi's Sporting Goods uses special journals. If a credit customer returns $400 of goods on which $24 of sales tax was charged, the journal entry to record the return would include:

(Multiple Choice)

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Question 25

A wholesale firm made sales with the following list prices and trade discounts. Calculate the amount the firm will use to record each sale in the sales journal. Show your calculation. A. List price of $900 and trade discount of 45 percent. B. List price of $500 and trade discount of 35 percent. C. List Price of $1,600 and trade discounts of 25 and 15 percent.

(Short Answer)

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Question 26

A sales return or a sales allowance is usually recorded in the sales journal.

(True/False)

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Question 27

The abbreviation S1 in the Posting Reference column of an account shows that the data was posted from page 1 of the sales journal.

(True/False)

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Question 28

When an accounts receivable subsidiary ledger is used, the Accounts Receivable account in the general ledger is considered to be a(n)________ account.

(Short Answer)

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Question 29

A wholesale business sells goods with a list price of $1,200 and a trade discount of 30 percent. The net price is

(Multiple Choice)

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Question 30

To indicate that an amount has been posted from the sales journal to the accounts receivable subsidiary ledger, a(n)________ is placed in the Posting Reference column of the journal.

(Short Answer)

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Question 31

Sales Tax Payable is classified as a(n)________ account.

(Short Answer)

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Question 32

A wholesale business sells goods with a list price of $1,200 and a trade discount of 30 percent. The amount credited to the Sales account for the sale is

(Multiple Choice)

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(71)

Question 33

For each of the transactions listed below, select the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal. -Accepted a return of merchandise from a credit customer

(Multiple Choice)

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Question 34

Which of the following describes Sales Returns and Allowances?

(Multiple Choice)

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Question 35

Which of the following statements is not correct?

(Multiple Choice)

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Question 36

To find the balance due from an individual customer, the accountant would refer to

(Multiple Choice)

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Question 37

The Sales Returns and Allowances account has a normal ________ balance.

(Short Answer)

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Question 38

The amount used by wholesalers to record sales in its sales journal is

(Multiple Choice)

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Question 39

Which of the following statements is correct?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 99

Exam 7: Accounting for Sales and Accounts Receivable

JCPenney issues its own credit cards to its customers who have established credit with them. It's customers used these cards to charge $300 worth of sales. There is no sales tax associated with the sales. JCPenney would record these sales by:

Kay Sadia sold merchandise for $15,200 subject to a 7% sales tax. The entry in the sales journal will include a debit to Accounts Receivable for

ABC Skiing Essentials uses special journals. If a credit customer returns $8,000 of goods on which $560 of sales tax was charged, select the correct entry to record the return:

For each of the transactions listed below, select the journal that should be used to record the transaction. Use CR for cash receipts journal, CP for cash payments journal, S for sales journal, P for purchases journal, and G for general journal. -Sold merchandise for cash

GiGi's Sporting Goods uses special journals. If a credit customer returns $400 of goods on which $24 of sales tax was charged, the journal entry to record the return would include:

A sales return or a sales allowance is usually recorded in the sales journal.

The abbreviation S1 in the Posting Reference column of an account shows that the data was posted from page 1 of the sales journal.

When an accounts receivable subsidiary ledger is used, the Accounts Receivable account in the general ledger is considered to be a(n)________ account.

A wholesale business sells goods with a list price of $1,200 and a trade discount of 30 percent. The net price is

To indicate that an amount has been posted from the sales journal to the accounts receivable subsidiary ledger, a(n)________ is placed in the Posting Reference column of the journal.

Sales Tax Payable is classified as a(n)________ account.

A wholesale business sells goods with a list price of $1,200 and a trade discount of 30 percent. The amount credited to the Sales account for the sale is

Which of the following describes Sales Returns and Allowances?

Which of the following statements is not correct?

To find the balance due from an individual customer, the accountant would refer to

The Sales Returns and Allowances account has a normal ________ balance.

The amount used by wholesalers to record sales in its sales journal is

Which of the following statements is correct?

Accounting: The Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and Teh Postclosing Trial Balance

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analysis

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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