Accounting test 2 multiple choice
a company received a bank statement showing a balance of $79,000. reconciling items included outstanding checks for $2300 and a deposit in transit of $9400. what is the company's adjusted bank balance
86,100
a company received a bank statement with a balance of $6,400. Reconciling items included a bookkeeper error of $400-- a $400 check recorded as $800-- two outstanding checks totaling $830, a service charge of $24, a deposit in transit of $260, and interest revenue of $21. What is the adjusted bank balance
5,830
Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details
529,000
the bad debts adjustment required is
6,900
calculate the ending balance of allowance for bad debts after the adjustment for bad debts expense at december 31, 2019
7,000
the ampunt of the purchase discount would be
720
which of the following would include the adjusting entry
a $11,000 credit to cost of goods sold
which of the following statements is false
a company can pledge its receivables with recourse or without recourse
which of the following is the journal entry to record the payment made within 10 days
a debit to accounts payable for $62,000 a credit to merch inventory for 1,240 and a credit to cash for 60,760
entry to record the cost of merchandise sales would include
a debit to cost of goods sold and a credit to merchandise inventory for 213
a merchandiser purchased inventory on account for 17,000. in a periodic inventory system, the journal entry to record the purchase would include
a debit to purchases for $17000 and a credit to accounts payable for $17000
What does "2/10" mean, with respect to "credit terms of 2/10, n/30"?
a discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date
na
na
nah
nah
gross profit is calculated as
net sales revenue less sales discount
Which of the following is true of internal control
one of the major purposes of internal control is to ensure that the assets are safeguarded
calculate the interest on a 90 day 9 percent note for 56000
1,125
the ending balance in the allowance for bad debt is
11,500
calculate the operating income
16,000
mountainview camera shop uses direct write off method for bad debts. amount of bad debts
16,000
what would be reported for cost of goods sold on the income statement for the year ending december 31 2019 if the pertpetual inventory system and the LIFO inventory costing method are used
18,145
bad debt expense would be
5,000
the cost of inventory would be
2,258
an invoice with payment terms of 2/10, n/30 was issued on april 28th for 250 if the payment was made on may 12th the amount of payment will be 250
250
the ammount of bad debts expense for 2019 is
28,350
the amount of cost of goods sold on the income statement
4,050
a companys cash account shows an ending balance of $4600. reconciling items included a bookkeeper error of $130 (a $500 check record as $630), two outstanding checks totaling $830, a service charge of $25, a deposit in transit of $250, and interest revenue of $30. what is the adjusted book balance?
4,735
a company made net sales revenue of 500,000 and cost of goods sold totaled 300,000 calculate gross profit percentage
40%
A merchandiser returned inventory work $1900 that was purchased on account. In a periodic inventory system, the journal entry to record the return would include
A debit to accounts payable for $1900 and a $1900 credit to purchases returns and allowances
Which of the following would be included in the journal to record an NSF check
A debit to accounts receivable and a credit to cash
which of the following items requires an adjustment on the bank side of the bank reconciliation
Deposits in transit
on may 1st, danas dance studio set up a petty cash fund of $200. on may 31st the petty cash fund had $18 in cash and $180 in petty cash tickets that were issued to pay for miscellaneous expenses. What is the journal entry needed to replenish the fund?
Debit miscellaneous expense $180 and Debit Cash short and over $2, Credit cash $182
in periods of rising prices which inventory costing method yields the highest net income
FIFO
under which of the following terms will the buyer be required to pay transportation costs
FOB shipping point
Which of the following inventory costing methods yeilds the highest cost of goods sold during a period of rising inventory costs
Last- in, first- out
journal entries based on the bank reconciliation are required on the companys books for
book errors
when a company is using the direct write-off method, and an account is written off, the journal entry consists of a
credit to accounts receivable and a debit to bad debts expense
under the perpetual inventory system, discounts taken on an invoice by the buyer would be
credited to merchandise inventory
under the perpetual inventory system, discounts taken on an invoice by the buyer would be
credited to the merchandise inventory
what should kern record for interest
debut interest receivable $400
