ACTG 210 Smartbook 9
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit with terms of 1/10,n/40. Demonstrate the required journal entry to record the receipt of payment on May 25 by selecting all of the correct actions below. Multiple select question. - Credit Cash $1,400. - Credit Sales Discounts $14. - Debit Sales Discounts $14. - Debit Accounts Receivable $1,400. - Credit Accounts Receivable $1,400. - Debit Cash $1,400.
- Credit Accounts Receivable $1,400. - Debit Cash $1,400.
Dogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate required journal entry of Dogs R US to record the return by selecting all of the correct actions below. Multiple select question. - Credit Merchandise Inventory $100. - Credit Cost of Goods Sold $100. - Debit Merchandise Inventory $100. - Debit Sales Returns and Allowances $400. - Credit Accounts Receivable $400. - Credit Sales Returns and Allowances $400. - Debit Cost of Goods Sold $100. - Debit Accounts Payable $400. - Credit Cash $400.
- Credit Cost of Goods Sold $100. - Debit Merchandise Inventory $100. - Debit Sales Returns and Allowances $400. - Credit Accounts Receivable $400.
Iron Company collects cash in full from a customer who purchased merchandise last month on credit. To record the receipt of cash, Iron Company should make the following entries in the general journal. Multiple select question. - Debit to Accounts Receivable - Credit to Cash - Credit to Accounts Receivable - Debit to Cash - Debit to Sales
- Credit to Accounts Receivable - Debit to Cash
Zion Company sells merchandise on credit to BRC, Inc. in the amount of $1,200. The entry to record this sale would include a: Multiple select question. - credit to Accounts Receivable. - debit to Accounts Receivable. - debit to Sales. - debit to Cash. - credit to Sales. - credit to Cash.
- debit to Accounts Receivable. - credit to Sales.
To record a sale on account, the company should debit: Multiple choice question. - Unearned Sales. - Sales. - Accounts Payable. - Accounts Receivable.
Accounts Receivable.
On Jan 5, a customer returned merchandise that had been purchased earlier on credit. The original sale was for $500, and the cost to the seller was $150. Demonstrate the required journal entry to record the return on the books of the seller, assuming the goods can be sold to another customer. Multiple choice question. - Debit Sales Returns and Allowances $150; credit Accounts Receivable $150. - Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150. - Debit Accounts Receivable $500 and credit Cash $500. - Debit Accounts Receivable $500; credit Sales Returns and Allowances $500; credit Merchandise inventory $150; and credit Cost of Goods Sold $150.
Debit Sales Returns and Allowances $500; debit Merchandise Inventory $150; credit Accounts Receivable $500; and credit Cost of Goods Sold $150.
The allowance for doubtful accounts is a(n) (current/contra/opposite) ___________ asset account and has a normal credit balance.
Field 1: contra
In September, DK Company sells merchandise to Lions Company on credit. In October, Lions Company pays the balance in full. The entry to record the collection of cash by DK Company in October will include a (debit/credit)____________ to Accounts Receivable.
Field 1: credit
Sales Discounts is a contra- ____________(expense/revenue/asset) account and is increased with a ____________(debit/credit).
Field 1: revenue Field 2: debit
Sales Discounts is a _________ account. Multiple choice question. - contra-asset - asset - contra-revenue - expense - revenue
contra-revenue
The allowance for doubtful accounts is a contra asset account that equals: Multiple choice question. - total short-term assets - total accounts receivable - total uncollectible accounts
total uncollectible accounts
