OROUGH COMMUNITY COLLEGE 11. T Co $20,000 thehold $20,000 worth of 2 Cash paymen
ID: 2599174 • Letter: O
Question
OROUGH COMMUNITY COLLEGE 11. T Co $20,000 thehold $20,000 worth of 2 Cash payments journal General pournat . Sales journal d. Cash receipts journal at imventery system, when a whotesaler returns the goods purchas account, the a. Accounts Recevable c Cost of Goods Sold b Merchandise inventory d. Accounts Payable n/30 has to tve collected by 13. A purchase on March 21 with of terms 10/10 a Aprill 25 b. April 20 c. March 31 d. April3 14. Paid a utilities bill immediately on receipt. What effect does this entry have on a, Increase b. Decrease No effect c. d. More information is needed 15. Gross profit equals the difference between: a. Net sales and cost of goods sold. b. Net sales and cost of goods sold plus operating expense. C. Net income and operating expenses d. Net sales and operating expenses 16. Which of the following transactions will NOT result in the recognition of a Accrued salaries at the end of a period. Interest accrued on a bank loan. Expiration of prepaid insurance. Withdrawals of cash by the sole proprietor of a business. a. b. c. d. 17. A purchase of inventory on account would include a debit to: a. Cost of goods sold. b. Sales, c. Merchandise inventory. d. Accounts payable. 2IPageExplanation / Answer
11. A cash receipts journal records cash received on sales made. A sales journal records transactions where sales are made on account. A general journal records transactions that do not fit into specialised tansactions. The answer is
d. cash receipts journal.
12. a. Accounts receivable.
13. A purchase made with the terms of 10/10, n/30 means that the amount is to due within 30 days from the date of sales invoice. Since the sale is made on March21, the asnwer is
b. April 20.
15. Gross profit is the difference between net sales and cost of goods sold. The answer is
a. Net sales and cost of goods sold.
16. Withrawals of cash by a sole proprietor does not require an adjusting entry. The answer is:
d. Withdrawals of cash by the sole proprietor of a business.
17. When inventory is purchased on account, inventory is debited and accounts payable is credited. The answer is:
c. Merchandise inventory.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.