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Test Bank For Fundamental Accounting Principles Vol. 1 17th Edition By Kermit D. Larson, John J Wild & Barbara Chiappetta

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Principles of Financial Accounting

Test Bank For Fundamental Accounting Principles Vol. 1 17th Edition By Kermit D. Larson, John J Wild & Barbara Chiappetta APPENDIX 2: ALGO MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Maxie's Game World sold games to a customer on cr...

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wildlife wholesale supply sold birdseed to a reta

Titel boek:Principles of Financial Accounting

Auteur(s):Kermit D. Larson, John J. Wild, Barbara Chiappetta

Uitgave:2005
ISBN:9780072869996
Druk:Onbekend

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,APPENDIX 2: ALGO
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
answers the question.
1) Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10, n/30 and
the cost of the games was $1,800. When recording the sales transaction in its sales journal,
Maxie’s would enter:

A) $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Cost of
Goods Sold Dr./Inventory Cr. column.
B) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Accounts
Payable Dr./Purchases Cr. column.
C) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Cash Cr.
column.
D) $2,700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Cost of
Goods Sold Dr./Inventory Cr. column.
E) $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2,700 in the Other
Accounts Dr. column.

2) Maxie's Game World sold games to a customer on credit for $4,300, terms 1/10, n/30 and
the cost of the games was $3,400. When recording the collection from the customer made within
the discount period, in its cash receipts journal, Maxie’s would enter:

A) $4,300 in the Cash Dr. column and $4,300 in the Accounts Receivable Cr. column.
B) $4,257 in the Cash Dr. column and $4,257 in the Accounts Receivable Cr. column.
C) $4,257 in the Cash Dr. column, $43 in the Sales Discount Dr. column and $4,300 in
the Accounts Receivable Cr. column.
D) $4,300 in the Accounts Receivable Dr./Sales Cr. column and $4,300 in the Cash Cr.
column.
E) $4,300 in the Cash Dr. column. $3,400 in the Sales Cr. column, and $3,400 in the Cost
of Goods Sold Dr./Inventory Cr. column.

3) Wildlife Wholesale Supply sold birdseed to a retailer for $1,760, receiving cash at the
time of sale. The cost of the birdseed was $1,270. When recording the collection from the
customer, in its cash receipts journal, Wildlife would enter:

Version 1 1

, A) $1,760 in the Cash Dr. column and $1,760 in the Accounts Receivable Cr. column.
B) $1,270 in the Cash Dr. column and $1,270 in the Accounts Receivable Cr. column.
C) $1,760 in the Cash Dr. column; $1,760 in the Sales Cr. column; and $1,270 in the
Other Accounts Cr. column.
D) $1,760 in the Accounts Receivable Dr. column, $1,760 in the Cash Cr. column; and
$1,270 in the Cost of Goods Sold Dr./Inventory Cr. column.
E) $1,760 in the Cash Dr. column; $1,760 in the Sales Cr. column; and $1,270 in the Cost
of Goods Sold Dr./Inventory Cr. column.

4) Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 2/10,
n/30 for $15,700.When recording the purchase transaction in its purchases journal, Farthington
would enter:

A) $15,700 in the Inventory Dr. column and $15,700 in the Accounts Payable Cr.
column.
B) $15,700 in the Accounts Receivable Dr. column and $15,700 in the Accounts Payable
Cr. column.
C) $15,700 in the Inventory Dr. column, $15,386 in the Accounts Payable Cr. column,
and $314 in the Discounts Lost Cr. column.
D) $15,700 in the Cost of Goods Sold Dr. column and $15,700 in the Accounts Payable
Cr. column.
E) $15,700 in the Other Accounts Dr. column and $15,700 in the Inventory Cr. column.

5) Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10,
n/30 for $15,800. When recording the payment of the invoice within the discount period in its
cash payments journal, Farthington would enter:

A) $15,800 in the Cash Cr. column and $15,800 in the Inventory Dr. column.
B) $15,800 in the Cash Cr. column and $15,800 in the Accounts Payable Dr. column.
C) $15,800 in the Inventory Cr. column; $15,642 in the Accounts Payable Dr. column;
and $158 in the Inventory Cr. column.
D) $15,642 in the Accounts Payable Dr. column and $15,642 in the Cash Cr. column.
E) $15,800 in the Accounts Payable Dr. column; $15,642 in the Cash Cr. column; and
$158 in the Inventory Cr. column.

Version 1 2

, 6) Wexim Toys sold merchandise to a customer on credit, terms 1/10, n/30 for $11,500.
Three days later, the customer returned $2,200 of the merchandise. When recording the return
transaction, Wexim Toys would record:

A) $2,200 in the Accounts Payable Cr. column and $2,200 in the Inventory Dr. column of
the purchases journal.
B) Debit Sales Returns and Allowances $2,200 and credit Accounts Receivable $2,200 in
the general journal.
C) $2,200 in the Cash Dr. column and $2,200 in the Inventory Cr. column in the cash
receipts journal.
D) Debit Cash $2,200 and credit Inventory $2,200 in the general journal.
E) $2,200 in the Accounts Payable Dr. column and $2,200 in the Cash Cr. column of the
cash payments journal.

7) At the end of the year, the total accounts receivable ledger for a company equals $74,000
and the total accounts payable ledger equals $34,500. If there are no errors for this company, one
would expect that:

A) The Accounts Payable account will equal the total of all balances owed from its
customer accounts.
B) The total credit sales for the period equal $39,500.
C) The Accounts Receivable account will equal the total of all balances owed to its
supplier accounts.
D) The Accounts Receivable account will equal the total of all balances owed from its
customer accounts.
E) The cash received by the company during the period equals $39,500.

8) Rosenow Equipment sold merchandise to a customer on credit for $15,000, terms 2/10,
n/30. The cost of the merchandise to Rosenow was $8,500. If the customer pays25 days after the
sale occurred, what amount would be entered into the Accounts Receivable Cr. column in its
cash receipts journal?

Version 1 3

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