MULTIPLE CHOICE 1) Wexim Toys purchased merchandise from a supplier on credit, t

Question

MULTIPLE CHOICE 1) Wexim Toys purchased merchandise from a supplier on credit, terms 2/10, nu/30 for $9,300. Three days later, the company returned S 1,100 ofthe merchandise, when recording the return transaction, the company would record: 1)- A) S1,100 in the Accounts Payable Cr.column and S1,100 in the laventory Dr. column of the purchases journal. B) Debit Cash $1,100 and credit Inventory $1,100 in the general journal. C) S1,100 in the Accounts Payable Dr. column and $1,100 in the Cash Cr.column of the cash disbursements journal D) $1,100 in the Cash Cr. colum and S1,100 in the Inventory Cr.column in the cash disbursements journal E) Debit Accounts Payable $1.100 and credit Inventory $1,100 in the general journal 2) Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 2/10, n/30 for $15,300 Assume the company uses a perpetual inventory system, and records purchases using the gross method discount period in its cash disbursement journal, Farthington would enter2) column and $15,300 in the Accounts Payable Dr. column A) S15,300 in the Cash Cr. B) $15,300 in the Cash Cr.column and $15,300 in the laventory Dr. column in the Inventory Cr.column: $14,994 in the Accounts Payable Dr. column; and $306 in the Inventory Cr.column. D) $15,300 in the Accounts Payable Dr. column: $14,994 in the Cash Cr. column, and $306 in the Inventory Cr. column. E) $14,994 in the Accounts Payable Dr. column and $14,994 in the Cash Cr.column. makes a cash sale of $24,000. The cost of the merchandise is $13,000. Identify the journal the transaction would be recorded in: 3) A) Cash disbursements journal. B) General journal. C) Cash reccipts journal. D) Purchase journal E) Sales journal company merchandise from a supplier on credit, terms 2/10, n/30 for $15,300. Assume the 4) Farthington Soccer Supplies purchases uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its 3 A) S15,300 in the Inventory Dr. column, $14,994 in the Accounts Payable Cr. column, and $306 in the Purchase Discount Cr. column. B) S15,300 in the Accounts Payable Cr. column and $15,300 in the Inventory Dr. column. C) S15,300 in the Accounts Payable Cr. column and $15,300 in the Supplies Dr. column. D)S15,300 in the Other Accounts Dr. column and S15,000 in the Inventory Cr.column. E) $14,994 in the Inventory Dr. column and $14,994 in the Accounts Payable Cr. column 5) Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was S$1,700. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie's would enter: 5) A) S2574 in the Cash Dr. column, S26 in the Sales Discount Dr. column and S2600 in the Accounts Receivable Cr. column. B) S2,600 in the Cash Dr. column. $2,600 in the Sales Cr. column, and S1,700 in the Cost of Goods Sold Dr AInventory Cr.column. C) $2,600 in the Cash Dr. column and S2,600 in the Accounts Receivable Cr. column. D) S2,600 in the Accounts Receivable Dr/Sales Cr. column and S2,600 in the Cash Cr. column. E) $2,574 in the Cash Dr. column and S2,574 in the Accounts Receivable Cr. column. 6) Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the sales transaction in its sales journal, Maxie's would enter: 6) would enter. 6_

Explanation / Answer

1

Ans. E Debit Accounts Payable $1,100 and credit Inventory $1,100 in the general journal

2.

Ans.D $15,300 in the Accounts Payable Dr. column, $14994 in the CAsh Cr. column, and $306 in the Inventory Cr. column.

3.

Ans. C Cash receipts journal

4.

Ans . B $15,300 in the Accounts Payable Cr. column and $15,300 in the Inventory Dr. column.

5.

Ans. A Cash 2574 Sales Discount 26 Accounts receivable 2600

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