Jackie's Online Service on April 30 has the following account balances: $\begin{array} { | l | r | } \hline \text { Sales } & \$ 25,000 \\ \hline \text { Sales Returns and Allowances } & 5,000 \\ \hline \text { Purchases } & ? ? ? \\ \hline \text { Freight-In } & 1,000 \\ \hline \text { Purchases Returns and Allow. } & 2,000 \\ \hline \text { Purchases Discounts } & 1,500 \\ \hline \end{array}$ If net purchases for the period are $14,000,what is the amount of gross purchases?

A) $18,500 B) $15,500 C) $17,500 D) $16,500 A) $18,500 B) $15,500 C) $17,500 D) $16,500

Jackie's Online Service on April 30 has the following account balances: $\begin{array} { | l | r | } \hline \text { Sales } & \$ 25,000 \\ \hline \text { Sales Returns and Allowances } & 5,000 \\ \hline \text { Purchases } & 14,000 \\ \hline \text { Freight-In } & 1,000 \\ \hline \text { Purchases Returns and Allow. } & 2,000 \\ \hline \text { Purchases Discounts } & ? ? ? \\ \hline \end{array}$ If net purchases for the period are $11,000,what is the amount in the Purchases Discounts account?

A) $3,000 B) $4,000 C) 2,000 D) $1,000 A) $3,000 B) $4,000 C) 2,000 D) $1,000

A) cost. B) asset. C) liability. D) revenue. A) cost. B) asset. C) liability. D) revenue.

A) decrease net income. B) increase net income. C) have no effect on net income. D) Not enough information provided. A) decrease net income. B) increase net income. C) have no effect on net income. D) Not enough information provided.

Exam 10: Purchases and Cash Payments

Jackie's Online Service on April 30 has the following account balances: Sales \ 25,000 Sales Returns and Allowances 5,000 Purchases ??? Freight-In 1,000 Purchases Returns and Allow. 2,000 Purchases Discounts 1,500 If net purchases for the period are $14,000,what is the amount of gross purchases?

(Multiple Choice)

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Question 41

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 Store Rent Expense

(Essay)

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Question 42

Returned merchandise for credit under the perpetual inventory method.This will be recorded with:

(Multiple Choice)

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Question 43

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

(Short Answer)

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Question 44

Payment for merchandise should not be made until approval is given.

(True/False)

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Question 45

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

(Multiple Choice)

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Question 46

Jackie'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 ??? If net purchases for the period are $11,000,what is the amount in the Purchases Discounts account?

(Multiple Choice)

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Question 47

Purchases is a(n):

(Multiple Choice)

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Question 48

R&R Lumber reports Purchases of $60,000.If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500,what are the net Purchases?

(Multiple Choice)

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Question 49

Merchandise Inventory is what type of account?

(Multiple Choice)

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Question 50

Purchases discounts:

(Multiple Choice)

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Question 51

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

(Essay)

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Question 52

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. June 16 Purchased merchandise having a price of $\$ 6,000$ from the Shelby Manufacturing Co. on account with credit terms $10 , \mathrm { n } / 30$ . Transportation terms F.O.B destination. June 16 Purchased merchandise having a price of $\$ 9,000$ from the Ajax Supply House on account with credit terms $2 / 10 , \mathrm { n } / 30$ . Transportation terms F.O.B shipping point. The freight costs were $\$ 175$ . June 17 Received the goods from Shelby. June 17 Received the goods from Ajax. June 20 Returned for credit merchandise with an invoice price of $\$ 800$ to Ajax. June 25 Paid Shelby the amount owed. June 28 Paid Ajax the amount owed. June 30 Returned for cash, merchandise with an invoice price of $\$ 400$ to Shelby. -Prepare the necessary general journal entry for June 16,Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co.on account with credit terms 2/10,n/30.Transportation terms F.O.B destination. $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. June 16 Purchased merchandise having a price of \$ 6,000 from the Shelby Manufacturing Co. on account with credit terms 10 , \mathrm { n } / 30 . Transportation terms F.O.B destination. June 16 Purchased merchandise having a price of \$ 9,000 from the Ajax Supply House on account with credit terms 2 / 10 , \mathrm { n } / 30 . Transportation terms F.O.B shipping point. The freight costs were \$ 175 . June 17 Received the goods from Shelby. June 17 Received the goods from Ajax. June 20 Returned for credit merchandise with an invoice price of \$ 800 to Ajax. June 25 Paid Shelby the amount owed. June 28 Paid Ajax the amount owed. June 30 Returned for cash, merchandise with an invoice price of \$ 400 to Shelby. -Prepare the necessary general journal entry for June 16,Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co.on account with credit terms 2/10,n/30.Transportation terms F.O.B destination.$

(Essay)

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Question 53

The Purchases Discount account normally has a debit balance and is a contra-cost account.

(True/False)

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Question 54

Purchases:

(Multiple Choice)

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Question 55

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. June 16 Purchased merchandise having a price of $\$ 6,000$ from the Shelby Manufacturing Co. on account with credit terms $10 , \mathrm { n } / 30$ . Transportation terms F.O.B destination. June 16 Purchased merchandise having a price of $\$ 9,000$ from the Ajax Supply House on account with credit terms $2 / 10 , \mathrm { n } / 30$ . Transportation terms F.O.B shipping point. The freight costs were $\$ 175$ . June 17 Received the goods from Shelby. June 17 Received the goods from Ajax. June 20 Returned for credit merchandise with an invoice price of $\$ 800$ to Ajax. June 25 Paid Shelby the amount owed. June 28 Paid Ajax the amount owed. June 30 Returned for cash, merchandise with an invoice price of $\$ 400$ to Shelby. -Prepare the necessary general journal entry for June 16,Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms 2/10,n/30.Transportation terms F.O.B shipping point.The freight costs were $175. $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. June 16 Purchased merchandise having a price of \$ 6,000 from the Shelby Manufacturing Co. on account with credit terms 10 , \mathrm { n } / 30 . Transportation terms F.O.B destination. June 16 Purchased merchandise having a price of \$ 9,000 from the Ajax Supply House on account with credit terms 2 / 10 , \mathrm { n } / 30 . Transportation terms F.O.B shipping point. The freight costs were \$ 175 . June 17 Received the goods from Shelby. June 17 Received the goods from Ajax. June 20 Returned for credit merchandise with an invoice price of \$ 800 to Ajax. June 25 Paid Shelby the amount owed. June 28 Paid Ajax the amount owed. June 30 Returned for cash, merchandise with an invoice price of \$ 400 to Shelby. -Prepare the necessary general journal entry for June 16,Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with credit terms 2/10,n/30.Transportation terms F.O.B shipping point.The freight costs were $175.$

(Essay)

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Question 56

A list showing the ending balances owed to individual creditors is called a Schedule of Accounts Payable.

(True/False)

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Question 57

The freight paid on goods purchased F.O.B.Shipping Point was not recorded.This error will cause:

(Multiple Choice)

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Question 58

A debit memorandum increases which account on the seller's books?

(Multiple Choice)

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Question 59

Hardware Restoration had net purchases of $50,000.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 60

Showing 41 - 60 of 122

Exam 10: Purchases and Cash Payments

Jackie's Online Service on April 30 has the following account balances: Sales \ 25,000 Sales Returns and Allowances 5,000 Purchases ??? Freight-In 1,000 Purchases Returns and Allow. 2,000 Purchases Discounts 1,500 If net purchases for the period are $14,000,what is the amount of 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 Store Rent Expense

Returned merchandise for credit under the perpetual inventory method.This will be recorded with:

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

Payment for merchandise should not be made until approval is given.

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

Purchases is a(n):

R&R Lumber reports Purchases of $60,000.If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500,what are the net Purchases?

Merchandise Inventory is what type of account?

Purchases discounts:

The Purchases Discount account normally has a debit balance and is a contra-cost account.

Purchases:

A list showing the ending balances owed to individual creditors is called a Schedule of Accounts Payable.

The freight paid on goods purchased F.O.B.Shipping Point was not recorded.This error will cause:

A debit memorandum increases which account on the seller's books?

Hardware Restoration had net purchases of $50,000.If Purchases Returns and Allowances are $10,000 and Purchases Discounts are $1,500,what are gross purchases?

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: The Conclusion of the Payroll Process

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, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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