# ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021.7 New)

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## ACC 291T Wk 1 - Practice: Connect Knowledge Check (2021.7 New)

On February 3, Smart Company sold merchandise in the amount of \$5,800 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is \$4,000. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:

Multiple Choice

•

Cash       3,920

Sales discounts       80

Accounts receivable            4,000

•

Cash       5,684

Sales discounts       116

Accounts receivable            5,800

•

Cash       5,800

Accounts receivable            5,800

•

Cash       5,684

Accounts receivable            5,684

•

Cash       4,000

Accounts receivable            4,000

On September 12, Ryan Company sold merchandise in the amount of \$5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is \$4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries that Ryan will make on September 12 is (are):

Multiple Choice

•

Sales       5,800

Accounts receivable            5,800

•

Accounts receivable       5,800

Sales            5,800

•

Accounts receivable       5,684

Sales            5,684

•

Accounts receivable       5,684

Sales            5,684

Cost of goods sold  4,000

Merchandise Inventory        4,000

•

Accounts receivable       5,800

Sales            5,800

Cost of Goods Sold       4,000

Merchandise inventory        4,000

Mega Skateboard Supplier had net sales of \$2.8 million, its cost of goods sold was \$1.6 million, and its net income was \$0.9 million. Its gross margin ratio equals:

Multiple Choice

•

32%.

•

43%.

•

175%.

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57%.

•

56%.

On September 12, Ryan Company sold merchandise in the amount of \$5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is \$4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is \$500 and the cost of the merchandise returned is \$350. The entry or entries that Ryan must make on September 14 is (are):

Multiple Choice

•

Sales returns and allowances  490

Accounts receivable            490

Merchandise inventory   350

Cost of goods sold       350

•

Sales returns and allowances  350

Accounts receivable            350

•

Sales returns and allowances  490

Accounts receivable            490

Merchandise inventory   343

Cost of goods sold       343

•

Sales returns and allowances  490

Accounts receivable            490

•

Sales returns and allowances  500

Accounts receivable            500

A company purchased \$4,000 worth of merchandise. Transportation costs were an additional \$350. The company returned \$275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is:

Multiple Choice

•

\$3,995.00.

•

\$3,725.00.

•

\$4,000.50.

•

\$3,925.00.

•

\$4,075.00.

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