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%.

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.