Chat with AIExam 6: Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash
Exam 1: Accounting Concepts and Procedures: an Introduction172 Questions
Exam 2: Debits and Credits: Analyzing and Recording Business Transactions170 Questions
Exam 3: Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance175 Questions
Exam 4: The Accounting Cycle Continued: Preparing Worksheets and Financial Statements201 Questions
Exam 5: The Accounting Cycle Completed: Closing and Post-Closing Trial Balance132 Questions
Exam 6: Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash122 Questions
Exam 7: Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals113 Questions
Exam 8: Banking Procedures and Control of Cash179 Questions
Exam 9: Payroll Procedures: the Employees Perspective119 Questions
Exam 10: The Employers Tax Responsibilities: Principles and Procedures98 Questions
Exam 11: Special Journals With Taxes94 Questions
Exam 12: Preparing a Worksheet for a Merchandising Company128 Questions
Exam 13: Completion of the Accounting Cycle for a Merchandising Company124 Questions
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Gina's Flower Shop received payment in full for goods sold within the discount period on a $1,000 sales invoice, terms 1/10, n/30. Which entry records this transaction?
(Multiple Choice)
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(35) The time a customer is granted to pay the bill is the discount period.
(True/False)
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(31) Which of the following statements about subsidiary ledgers is MOST accurate?
(Multiple Choice)
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(37) The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries using the perpetual inventory system. All sales are subject to credit terms of 1/10, n/30.
-July 25 Received full payment from Carter and Co.
________ ________ ________
________ ________ ________
(Essay)
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(32) Kristi's pottery sold 250 tiles at $25.00 each to a charge customer, terms 1/10, n/30. The tiles cost Kristi's $10.00 each. Which entry is required to record the inventory adjustment for this transaction under a perpetual system?
(Multiple Choice)
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(31) The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries using the perpetual inventory system. All sales are subject to credit terms of 1/10, n/30.
-July 16 Sold merchandise with an invoice price of $6,000 and a cost of $4,500 to the Taylor Co.
________ ________ ________
________ ________ ________
________ ________ ________
________ ________ ________
(Essay)
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(37) Sales discounts are usually not an incentive for the customer to pay early.
(True/False)
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(41) Periodic inventory systems require updating of the inventory account
(Multiple Choice)
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(34) Received payment, within the discount period, for merchandise sold previously. This will be recorded with
(Multiple Choice)
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(26) Credit terms of 3/10 permit the customer to deduct 3% of the sale if payment is made within 10 days.
(True/False)
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(39) The normal balance of the accounts receivable subsidiary ledger is
(Multiple Choice)
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(42) Steps taken to reduce losses from credit sales do NOT include
(Multiple Choice)
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(31) To show that you have posted to an account in the General Ledger, you use a checkmark.
(True/False)
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(41) If cash flow is so important to merchandisers, why do they extend credit to their customers?
(Essay)
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