ACC 291T Entire Course New Flashcards
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-2-apply-connect-exercise-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 2 Apply: Connect® Exercise recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-2-apply-connect-exercise-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 2 Apply: Connect® Exercise recent
ACC 291T Week 2 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this assignment.
Complete the Week 2 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date
Credit terms of 2/10, n/45 mean:
Multiple Choice
payment in full is due 2 days after date of the invoice.
•
if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 35 days.
•
if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 45 days.
•
payment in full is due 45 days after date of the invoice with no discount offered.
Assuming a periodic inventory system is used, the entry to record a return of merchandise purchased on credit would:
Multiple Choice
•
debit Purchases Returns and Allowances and credit Accounts Receivable.
•
debit Purchases Returns and Allowances and credit Purchases.
•
debit Purchases and credit Purchases Returns and Allowances.
•
debit Accounts Payable and credit Purchases Returns and Allowances.
Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to:
Multiple Choice
•
the creditor’s account in the subsidiary ledger.
•
the Freight In account.
•
the Purchases account.
•
the Accounts Payable account.
Which of the following statements is ?
Multiple Choice
•
Purchases Discounts is a contra expense account with a normal credit balance.
•
Purchases Discounts is a revenue account with a normal credit balance.
•
Purchases Discounts is an asset account with a normal credit balance.
•
Purchases Discounts is an expense account with a normal debit balance.
Which of the following statements is ?
Multiple Choice
•
The person who ordered the goods should also authorize payment.
•
Purchase requisitions do not need to be printed on pre-numbered forms.
•
Calculations on an invoice are assumed to be if computer generated.
•
Purchases should be made only after receiving proper written authorization.
On Oct 1, Jerry’s Lighting purchased merchandise with a list price of $5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns $500 of the merchandise. Assuming a periodic inventory system is used and Jerry’s pays the remaining amount owed on the purchase within the discount period, Jerry’s journal entry to record the payment, would include:
Multiple Choice
•
a debit to Accounts Receivable for $4,500.
•
a debit to Purchase Discounts for $45.
•
a debit to Accounts Payable for $4,500.
•
a debit to Merchandise Inventory for $45.
When a payment is due is determined by the invoice date and the:
Multiple Choice
•
transportation schedule.
•
accounting cycle.
•
credit terms.
•
delivery date.
Which of the following statements is ?
Multiple Choice
•
The credit terms, 2/10, n/30, allow the customer to take a 2 percent discount if payment is made within 10 days of the invoice, otherwise payment is due in full in 30 days.
•
The Purchases account is reported as an asset on the balance sheet.
•
The purchase requisition is the form sent to a supplier to order goods.
•
To the customer, a supplier’s invoice is a sales invoice.
The Purchases account is:
Multiple Choice
•
a subsidiary account.
•
a liability account.
•
a temporary account.
•
a permanent account.
Postings to the accounts payable ledger should be made:
Multiple Choice
•
daily.
•
monthly.
•
at the end of the fiscal period.
•
weekly.
Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio $6,854 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $9,548 and made payments on account to Mandy Lynn in the amount of $7,250. The amount Tune Tones owes Mandy Lynn on November 30 is:
Multiple Choice
•
$4,556.
•
$9,152.
•
$9,548.
•
$6,854.
The total of the balances in the creditors’ accounts should agree with the balance of:
Multiple Choice
•
the Sales account in the general ledger.
•
the Purchases account in the general ledger.
•
the Accounts Receivable account in the general ledger.
•
the Accounts Payable account in the general ledger.
On Sept. 1, Jerry’s Lighting purchased merchandise with a list price of $7,600 with credit terms of 1/10, n/30. On Sept. 3, Jerry’s returns $900 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry’s Lighting is:
Multiple Choice
•
7,600.
•
6,633.
•
6,700.
•
7,524.
The objective of internal control of purchases is to:
Multiple Choice
•
create more organized invoices.
•
create a disciplined work environment.
•
make the sales process more complex.
•
create written proof that purchases and payments are authorized.
Purchases is a temporary _______ account.
Multiple Choice
•
liability
•
expense
•
revenue
•
asset
Which of the following accounts has a normal debit balance?
Multiple Choice
•
Accounts Payable
•
Sales
•
Purchases
•
Purchase Returns
If a business pays $1,100 on account to a creditor, the effect of the payment is a decrease to cash and a:
Multiple Choice
•
increase of capital.
•
decrease to accounts payable.
•
decrease to accounts receivable.
•
decrease to Fees Income.
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, their journal entry on April 5, to record the purchase, would include:
Multiple Choice
•
a debit to Accounts Payable for $1,000.
•
a debit to Merchandise Inventory for $1,000.
•
a credit to Merchandise Inventory for $16.
•
a debit to Purchases for $1,000.
When merchandise is ordered, the purchasing department issues a form called:
Multiple Choice
•
a purchase requisition.
•
a sale invoice.
•
a purchase invoice.
•
a purchase order.
The total of the individual creditor accounts in the subsidiary ledger must ________ the balance of the Accounts Payable control account.
Multiple Choice
•
be subtracted from
•
be greater than
•
be equal to
•
be less than
Assuming a periodic inventory system is used, the journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is:
Multiple Choice
•
debit Purchases $2,750; credit Accounts Payable $2,750.
•
debit Accounts Payable $2,875, credit Freight in $125; credit Purchases $2,750.
•
debit Accounts Receivable $2,875; credit Sales $2,875.
•
debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875.
The source document for recording a purchase of merchandise on credit is:
Multiple Choice
•
the purchase invoice.
•
the purchase order.
•
the purchase requisition.
•
the receiving report.
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 6, to record the return, would be:
DEBIT CREDIT
A) Accounts Payable 200
Cash 200
B) Accounts Payable 200
Purchase Returns and Allowances 200
C) Purchase Returns and Allowances 200
Accounts Payable 200
D) Accounts Payable 200
Merchandise Inventory 200
________________________________________
Multiple Choice
•
Option B.
•
Option D.
•
Option A.
•
Option C.
On Jan. 3, Gourmet Cakes sold $15,000 of merchandise, on account with terms 2/10, n/30, to Jerry Hines. Assuming that the original cost of the merchandise to Gourmet Cakes was $4,000 and the perpetualinventory system is used, the journal entry on Jan. 3, to record the sale, would be:
DEBIT CREDIT
A) Sales 15,000
Accounts Receivable/J.Hines 15,000
B) Accounts Receivable/J.Hines 15,000
Sales 15,000
Cost of Goods Sold 4,000
Merchandise Inventory 4,000
C) Accounts Payable/J.Hines 15,000
Sales 15,000
Merchandise Inventory 4,000
Cost of Goods Sold 4,000
D) Accounts Receivable/J.Hines 15,000
Sales 11,000
Cost of Goods Sold 4,000
________________________________________
Multiple Choice
•
Option C.
•
Option D.
•
Option A.
•
Option B.
During March a firm purchased $22,650 of merchandise and paid freight charges of $1,720. If the net delivered cost of purchases for the March is $21,900, what is the total purchase returns for March?
Multiple Choice
•
$970
•
$3,440
•
$0
•
$2,470
The amount of the purchases for a period is presented in:
Multiple Choice
•
the Revenue section of the income statement.
•
the Liabilities section of the balance sheet.
•
the Operating Expenses section of the income statement.
•
the Cost of Goods Sold section of the income statement.
Assuming a periodic inventory system, the journal entry to record the purchase on account of $900 of merchandise with freight of $65 prepaid and added to the invoice is:
Multiple Choice
•
debit Purchases $965; credit Accounts Payable $965.
•
debit Accounts Payable $965, debit Freight in $65; credit Purchases $900.
•
debit Purchases $900, debit Freight in $65; credit Accounts Payable $965.
•
debit Accounts Receivable $965; credit Sales $965.
A firm had purchases of $18,400, freight charges of $600, and purchases returns and allowances of $850 during one month. Its net delivered cost of purchases was:
Multiple Choice
•
$18,650.
•
$18,150.
•
$19,850.
•
$16,950.
During the year, a firm purchased $256,900 of merchandise and paid freight charges of $36,870. If the total purchases returns and allowances were $13,690 and purchase discounts were $9,160 for the year, what is the net delivered cost of purchases?
Multiple Choice
•
$197,180
•
$298,300
•
$270,920
•
$289,240
Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on credit includes:
Multiple Choice
•
a debit to Accounts Payable and a credit to Purchases.
•
a debit to Purchases and a credit to Accounts Receivable.
•
a credit to Purchases and a credit to Accounts Payable.
•
a debit to Purchases and a credit to Accounts Payable.
On Sept. 1, Jerry’s Lighting purchased merchandise with a list price of $12,500 with credit terms of 3/5, n/60. On Sept. 3, Jerry’s returns $1,300 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry’s Lighting is:
Multiple Choice
•
11,200.
•
12,125.
•
10,864.
•
10,640.
Assuming a periodic inventory system is used, identify the statement below that is ?
Multiple Choice
•
Freight charges that are listed on the invoice received from a supplier are not part of the total credit to Accounts Payable to record the credit purchase.
•
Another name that may be used for the Freight In account is “Transportation In.”
•
Freight In is subtracted from Purchases to arrive at delivered cost of purchases.
•
None of these statements are .
Freight – In is a(n) _________ account.
Multiple Choice
•
revenue
•
liability
•
expense
•
asset
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 13, to record the payment of the amount owed, would be:
DEBIT CREDIT
A) Accounts Payable 1,000
Cash 1,000
B) Accounts Reveivable 1,000
Sales Discounts 16
Cash 984
C) Accounts Payable 800
Merchandise Inventory 16
Cash 784
D) Accounts Payable 800
Purchase Discounts 16
Cash 784
________________________________________
Multiple Choice
•
Option D.
•
Option A.
•
Option B.
•
Option C.
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-3-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Apply Assignment Week 3 Connect Assignment (April, 2020) (with Excel File) recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-3-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Apply Assignment Week 3 Connect Assignment (April, 2020) (with Excel File) recent
This Tutorial contains excel file which can be used in case the value changes
A firm’s bank reconciliation statement shows a book balance of $15.940,an NSF check of $460,and a service charge of $26.Its adjusted book balance is
On January 2,The Public Legal issued check 2108 for $260 to establish a petty cash fund.Indicate how this transaction would be recorded in a general journal
After returning from a three-day business trip,the accountant for southeast sales,JohannaEstrada,checked bank activity in the company’s checking account online.The activity for the last three days follows.
After matching these transactions to the company’s cash account in the general ledger,Johanna noted the following unrecorded transactions:
The ATM withdrawal on 9/22/201 was for personal use by the owner,Robert Savage.
The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
The bill payment made 9/23/2019was to waste control Trash Services(utilities).
The loan payment on 9/24/2019 was an automatic debit by central motors for the company’s monthly payment on a loan for its automobiles.The loan does not bear interest.
Prepare the journal entries in a general journal to record the four transactions above.(Round your answers to 2 decimal places.)
On January 2,Jasmine’s Beauty Supplies Inc,issued Check 3100 for $300 to establish a petty cash fund.On January 31, Check 3159 was issued to replenish the petty cash fund.An analysis of payments from the fund showed these totals: Supplies, $44; Delivery Expense,$85; and Miscellaneous Expense, $20.
Indicate how these transactions would be recorded in a general journal.
Read each of the following transactions.
The cash sales per a register tape were $579.The cash count is $552.
The cash sales per a register tape were $8,700.The cash count is $8,280.
Prepare the general journal entries to record the above transactions.
Teng Corporation received a bank statement showing a balance of $14,250 as of October 31,2019.The firm’s records showed a book balance of $13,893 on October 31. The difference between the two balances was caused by the following items.
- A debit memorandum for an NSF check from Richard Wolf for $415.
- Three outstanding checks:Check 7017 for $115, Check 7098 for $46,and Check 7107 for $1,470.
- A bank service charge of $11.
- A deposit in transit of $848.
Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcillationstatement.Prepare the necessary journal entries for the year 2019.
Florence company received a bank statement showing a balance of $12,400 on November 30,2019.During the bank reconcillationprocess.Florence’s accountant noted the following bank errors:
A check for $147 issued by Florentine, Inc., was mistakenly charged to Florence company’s account.
Check 2782 was written for $100 but was paid by the bank as $1,100.
Check 2920 for $81 was paid by the bank twice.
A deposit for $570 on November 22 was credited by the bank for $750.
Assuming outstanding checks total $1,750, Prepare the adjusted bank balance section of the November 30,2019, bank reconciliation.
Northwest Gift Shop, a retail business, started business on April 29,2019.It keeps a $300 change fund in its cash register. The cash receipts for the period from April 29 to April 30,2019, are shown below.
Record the cash receipts on April 29 and April 30, 2019, in a general journal.
On March 31,2019, Home Decorating Pavilion received a bank statement showing a balance of $9,690. The balance in the firm’s checkbook and cash account on the same date was $10,134.The difference between the two balances is caused by the items listed below,
A $2,815 deposit made on March 30 does not appear on the bank statement.
Check 358 for $455 issued on March 29 and check 359 for $1,590 issued on March 30 have not yet been paid by the bank.
A credit memorandum shows that the bank has collected a $1,200 note receivable and interest of $210 for the firm.
A service charge of $19 appears on the bank statement.
A debit memorandum shows an NSF check for $495.(The check was issued by Dane jaris, a credit customer.)
The firm’s records Indicate that check 341 of March 1 was issued for $800 to pay the month’s rent.However, the cancelled check and the listing on the bank statement show that the actual amount of the check was $750.
The bank made an error by deducting a check for $530 issued by another business from the balance of Home Decorating Pavilion’s account.
Required:
- Prepare a bank reconciliation statement for the firm as of March 31,2019.
- Recordentires for any items on the bank reconciliation statement that must be journalized.
Read the following transactions.
Lourdes LLC.keeps a $100 change fund in its cash register.At the end of the day, Cash sales per the register tape were $2,650.The cash count was $3,000.
Calculate the amount over or Short.
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-2-practice-connect-knowledge-check-recent
ACC 291T Assignment Week 2 Practice: Connect® Knowledge Check recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-2-practice-connect-knowledge-check-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 2 Practice: Connect® Knowledge Check recent
ACC 291T Week 2 Practice: Connect® Knowledge Check
Complete the Week 2 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.
These assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.
Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to:
Multiple Choice
the creditor’s account in the subsidiary ledger.
the Freight In account.
the Purchases account.
the Accounts Payable account.
Which of the following statements is ?
Multiple Choice
Purchases Discounts is a contra expense account with a normal credit balance.
Purchases Discounts is a revenue account with a normal credit balance.
Purchases Discounts is an asset account with a normal credit balance.
Purchases Discounts is an expense account with a normal debit balance.
Which of the following statements is ?
Multiple Choice
The person who ordered the goods should also authorize payment.
Purchase requisitions do not need to be printed on pre-numbered forms.
Calculations on an invoice are assumed to be if computer generated.
Purchases should be made only after receiving proper written authorization.
On Oct 1, Jerry’s Lighting purchased merchandise with a list price of $5,000 with credit terms of 1/10, n/30. On Oct 3, Jerry’s returns $500 of the merchandise. Assuming a periodic inventory system is used and Jerry’s pays the remaining amount owed on the purchase within the discount period, Jerry’s journal entry to record the payment, would include:
Multiple Choice
a debit to Accounts Receivable for $4,500.
a debit to Purchase Discounts for $45.
a debit to Accounts Payable for $4,500.
a debit to Merchandise Inventory for $45.
When a payment is due is determined by the invoice date and the:
Multiple Choice
transportation schedule.
accounting cycle.
credit terms.
delivery date.
Which of the following statements is ?
Multiple Choice
The credit terms, 2/10, n/30, allow the customer to take a 2 percent discount if payment is made within 10 days of the invoice, otherwise payment is due in full in 30 days.
The Purchases account is reported as an asset on the balance sheet.
The purchase requisition is the form sent to a supplier to order goods.
To the customer, a supplier’s invoice is a sales invoice.
The Purchases account is:
Multiple Choice
a subsidiary account.
a liability account.
a temporary account.
a permanent account.
Postings to the accounts payable ledger should be made:
Multiple Choice
daily.
monthly.
at the end of the fiscal period.
weekly.
Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio $6,854 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $9,548 and made payments on account to Mandy Lynn in the amount of $7,250. The amount Tune Tones owes Mandy Lynn on November 30 is:
Multiple Choice
$4,556.
$9,152.
$9,548.
$6,854.
The total of the balances in the creditors’ accounts should agree with the balance of:
Multiple Choice
the Sales account in the general ledger.
the Purchases account in the general ledger.
the Accounts Receivable account in the general ledger.
the Accounts Payable account in the general ledger.
On Sept. 1, Jerry’s Lighting purchased merchandise with a list price of $7,600 with credit terms of 1/10, n/30. On Sept. 3, Jerry’s returns $900 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry’s Lighting is:
Multiple Choice
7,600.
6,633.
6,700.
7,524.
The objective of internal control of purchases is to:
Multiple Choice
create more organized invoices.
create a disciplined work environment.
make the sales process more complex.
create written proof that purchases and payments are authorized.
Purchases is a temporary _______ account.
Multiple Choice
liability
expense
revenue
asset
Which of the following accounts has a normal debit balance?
Multiple Choice
Accounts Payable
Sales
Purchases
Purchase Returns
If a business pays $1,100 on account to a creditor, the effect of the payment is a decrease to cash and a:
Multiple Choice
increase of capital.
decrease to accounts payable.
decrease to accounts receivable.
decrease to Fees Income.
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, their journal entry on April 5, to record the purchase, would include:
Multiple Choice
a debit to Accounts Payable for $1,000.
a debit to Merchandise Inventory for $1,000.
a credit to Merchandise Inventory for $16.
a debit to Purchases for $1,000.
When merchandise is ordered, the purchasing department issues a form called:
Multiple Choice
a purchase requisition.
a sale invoice.
a purchase invoice.
a purchase order.
The total of the individual creditor accounts in the subsidiary ledger must ________ the balance of the Accounts Payable control account.
Multiple Choice
be subtracted from
be greater than
be equal to
be less than
Assuming a periodic inventory system is used, the journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is:
Multiple Choice
debit Purchases $2,750; credit Accounts Payable $2,750.
debit Accounts Payable $2,875, credit Freight in $125; credit Purchases $2,750.
debit Accounts Receivable $2,875; credit Sales $2,875.
debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875.
The source document for recording a purchase of merchandise on credit is:
Multiple Choice
the purchase invoice.
the purchase order.
the purchase requisition.
the receiving report.
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 6, to record the return, would be:
DEBIT CREDIT
A) Accounts Payable 200
Cash 200
B) Accounts Payable 200
Purchase Returns and Allowances 200
C) Purchase Returns and Allowances 200
Accounts Payable 200
D) Accounts Payable 200
Merchandise Inventory 200
________________________________________
Multiple Choice
Option B.
Option D.
Option A.
Option C.
On Jan. 3, Gourmet Cakes sold $15,000 of merchandise, on account with terms 2/10, n/30, to Jerry Hines. Assuming that the original cost of the merchandise to Gourmet Cakes was $4,000 and the perpetualinventory system is used, the journal entry on Jan. 3, to record the sale, would be:
DEBIT CREDIT
A) Sales 15,000
Accounts Receivable/J.Hines 15,000
B) Accounts Receivable/J.Hines 15,000
Sales 15,000
Cost of Goods Sold 4,000
Merchandise Inventory 4,000
C) Accounts Payable/J.Hines 15,000
Sales 15,000
Merchandise Inventory 4,000
Cost of Goods Sold 4,000
D) Accounts Receivable/J.Hines 15,000
Sales 11,000
Cost of Goods Sold 4,000
________________________________________
Multiple Choice
Option C.
Option D.
Option A.
Option B.
During March a firm purchased $22,650 of merchandise and paid freight charges of $1,720. If the net delivered cost of purchases for the March is $21,900, what is the total purchase returns for March?
Multiple Choice
$970
$3,440
$0
$2,470
The amount of the purchases for a period is presented in:
Multiple Choice
the Revenue section of the income statement.
the Liabilities section of the balance sheet.
the Operating Expenses section of the income statement.
the Cost of Goods Sold section of the income statement.
Assuming a periodic inventory system, the journal entry to record the purchase on account of $900 of merchandise with freight of $65 prepaid and added to the invoice is:
Multiple Choice
debit Purchases $965; credit Accounts Payable $965.
debit Accounts Payable $965, debit Freight in $65; credit Purchases $900.
debit Purchases $900, debit Freight in $65; credit Accounts Payable $965.
debit Accounts Receivable $965; credit Sales $965.
Assuming a periodic inventory system is used, the entry to record a purchase of merchandise on credit includes:
Multiple Choice
a debit to Accounts Payable and a credit to Purchases.
a debit to Purchases and a credit to Accounts Receivable.
a credit to Purchases and a credit to Accounts Payable.
a debit to Purchases and a credit to Accounts Payable.
On Sept. 1, Jerry’s Lighting purchased merchandise with a list price of $12,500 with credit terms of 3/5, n/60. On Sept. 3, Jerry’s returns $1,300 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry’s Lighting is:
Multiple Choice
11,200.
12,125.
10,864.
10,640.
Assuming a periodic inventory system is used, identify the statement below that is ?
Multiple Choice
Freight charges that are listed on the invoice received from a supplier are not part of the total credit to Accounts Payable to record the credit purchase.
Another name that may be used for the Freight In account is “Transportation In.”
Freight In is subtracted from Purchases to arrive at delivered cost of purchases.
None of these statements are .
Freight – In is a(n) _________ account.
Multiple Choice
revenue
liability
expense
asset
On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 13, to record the payment of the amount owed, would be:
DEBIT CREDIT
A) Accounts Payable 1,000
Cash 1,000
B) Accounts Reveivable 1,000
Sales Discounts 16
Cash 984
C) Accounts Payable 800
Merchandise Inventory 16
Cash 784
D) Accounts Payable 800
Purchase Discounts 16
Cash 784
________________________________________
Multiple Choice
Option D.
Option A.
Option B.
Option C.
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-1-practice-connect-knowledge-check-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-1-practice-connect-knowledge-check-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check recent
ACC 291T Week 1 Practice: Connect® Knowledge Check
Complete the Week 1 Knowledge Check in Connect®.
Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.
These assignments have earlier due dates, so plan accordingly.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date
Hour Place Clock Shop sold a grandfather clock for $3,750 subject to a 7% sales tax. The entry in the general journal will include a debit to Accounts Receivable for
Multiple Choice
$3,625.00.
$4,012.50.
$3,750.00.
$3,487.50.
The amount used by wholesalers to record sales in the general journal is
Multiple Choice
the retail price.
the list price.
the original price.
the net price.
Merchandise is sold on credit for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include a debit to Accounts Receivable for
Multiple Choice
$1,600.00.
$1,696.00.
$2,560.00.
$1,504.00.
The balance due from an individual customer can be found in:
Multiple Choice
the general journal.
the Sales account in the general ledger.
the accounts receivable subsidiary ledger.
the Accounts Receivable account in the general ledger.
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes
Multiple Choice
a debit to Sales and a credit to Accounts Receivable.
a debit to Accounts Receivable and a credit to Sales Returns and Allowances.
a debit to Sales and a credit to Sales Returns and Allowances.
a debit to Sales Returns and Allowances and a credit to Accounts Receivable.
On June 12, Music, Inc. sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the entry to record the receipt of the customer’s payment:
Multiple Choice
Cash 3,960
Sales Discounts 40
Accounts Receivable 4,000
________________________________________
•
Cash 4,000
Accounts Receivable 4,000
________________________________________
Cash 4,000
Sales Discounts 40
Accounts Receivable 3,960
________________________________________
Accounts Receivable 3,960
Sales Discounts 40
Cash 4,000
________________________________________
Which of the following describes the Sales Returns and Allowances account?
Multiple Choice
A contra expense account with a normal debit balance.
An expense account with a normal debit balance.
A revenue account with a normal credit balance.
A contra revenue account with a normal debit balance.
Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a:
Multiple Choice
Debit to Account Receivable
Debit to Accounts Payable
Debit to Sales Returns and Allowances
Credit to Sales Returns and Allowances
Merchandise is sold for cash for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include
Multiple Choice
a debit to Accounts Receivable for $1,600; a debit to Sales Tax Payable for $96 and a credit to Sales for $1,696.
a debit to Cash for $1,600 and a credit to Sales for $1,600.
a debit to Cash for $1,696, a credit to Sales Tax Payable for $96 and a credit to Sales for $1,600.
a debit to Accounts Receivable for $1,696 and a credit to Sales for $1,696.
Sales Returns and Allowances have the effect of
Multiple Choice
increasing expenses.
increasing assets.
decreasing total revenue.
increasing total revenue.
Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include:
Multiple Choice
a debit to Sales Tax Payable for $576.00.
credit to Sales for $7,200.00.
a debit to Accounts Receivable for $7,200.00.
a credit to Sales for $7,776.00.
On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, the journal entry to record the sale would include:
Multiple Choice
a debit to Accounts Receivable for $6,912
a credit to Sales for $6,912
a debit to Sales for $6,400
a debit to Sales Tax Payable for $512
A credit policy that is too tight may result in
Multiple Choice
high level of losses at the expense of increases in sales volume.
high level of losses at the expense of decreases in sales volume.
low level of losses at the expense of decreases in sales volume.
low level of losses at the expense of increases in sales volume.
On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, what is the amount debited to Accounts Receivable.
Multiple Choice
$5,888
$6,912
$6,400
$6,512
A schedule of accounts receivable is prepared
Multiple Choice
monthly.
weekly.
daily.
yearly.
All of the following are situations that can cause accounts receivable to become uncollectible, except
Multiple Choice
unexpected business developments.
errors of judgment.
efficient business practices.
in financial data.
Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a:
Multiple Choice
debit to Sales Returns and Allowances and a credit to Account Receivable.
debit to Sales and a credit to Sales Returns and Allowances.
debit to Sales Discounts and a credit to Accounts Receivable.
debit to Accounts Payable and a credit to Sales Returns and Allowances.
On June 12, Candy Suppliers sells $5,000 of goods on account to a credit customer with credit terms 1/10, n/30. Assume the sale is not subject to tax. On June 15, the customer returned $500 of the goods due to defect. Assume the customer pays within the discount period, select the entry to record the receipt of the customer’s payment:
Multiple Choice
Cash 4,455
Sales Discounts 45
Accounts Receivable 4,500
________________________________________
Cash 5,000
Accounts Receivable 5,000
________________________________________
Cash 4,950
Sales Discounts 50
Accounts Receivable 5,000
________________________________________
Accounts Receivable 4,500
Sales Discounts 50
Cash 4,550
________________________________________
___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.
Multiple Choice
Manufacturers
Wholesalers
Retailers
Distributors
All of the following are examples of the most common types of credit sales, except
Multiple Choice
cards issued by credit card companies.
business credit cards.
closed-account credit cards.
bank credit cards.
The Sales account is classified as
Multiple Choice
a contra revenue account.
an asset account.
a revenue account.
a liability account.
The entry to record the return of merchandise from a customer on which sales tax was charged includes
Multiple Choice
a debit to Sales Tax Payable.
a debit to Accounts Receivable.
a credit to Sales Tax Payable.
a credit to Sales Returns and Allowances.
If a firm had sales of $84,000 during a period and sales returns and allowances of $6,000, its net sales were
Multiple Choice
$6,000.
$90,000.
$84,000.
$78,000.
A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 8 percent, the entry to record the sales tax payment includes a debit to Sales Tax Payable for
Multiple Choice
$720.
$880.
$640.
$800.
A credit policy that is too lenient may result in
Multiple Choice
increased sales volume accompanied by a high level of losses.
decreased sales volume accompanied by a low level of losses.
increased sales volume accompanied by a low level of losses.
decreased sales volume accompanied by a high level of losses.
On October 12, Equipment Inc. sells $53,000 worth of equipment on account to a credit customer with credit terms of 1/10, n/30. Assume the sale is not subject to tax. Select the entry to record the sale on Oct 12.
Multiple Choice
Sales 53,000
Sales Discounts 530
Accounts Receivable 52,470
________________________________________
Accounts Receivable 53,000
Sales Discounts 530
Sales 52,470
________________________________________
Accounts Receivable 53,000
Sales 53,000
________________________________________
•
Cash 53,000
Sales 53,000
________________________________________
A wholesale business sells goods with a list price of $800 and a trade discount of 36 percent. The net sales price is
Multiple Choice
$1,088.00.
$512.00.
$288.00.
$800.00.
The Sales Returns and Allowances account is reported
Multiple Choice
on the income statement as an addition to Sales.
on the balance sheet as a deduction from Capital.
on the income statement as a deduction from Sales.
on the balance sheet as a deduction from Accounts Receivable.
Which of the following is a common example of the distribution channel?
Multiple Choice
Customer sells to Wholesaler who sells to Retailer who sells to Wholesaler
Manufacturer sells to Wholesaler who sells to Retailer who sells to Customer
Manufacturer sells to Customer who sells to Wholesaler who sells to Retailer
Manufacturer sells to Retailer who sells to Wholesaler who sells to Customer
Which of the following is not one of the three basic types of businesses?
Multiple Choice
Service
Manufacturing
International
Merchandising
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-1-apply:-connect%C2%AE-exercise-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 1 Apply: Connect® Exercise recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-assignment-week-1-apply:-connect%C2%AE-exercise-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Assignment Week 1 Apply: Connect® Exercise recent
ACC 291T Week 1 Apply: Connect® Exercise
Review the Knowledge Check in preparation for this assignment.
Complete the Week 1 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date
If Lacy’s Department Store charges 8 percent sales tax, the amount of sales tax collected on a $525 sale would be
Multiple Choice
•
$4.20.
•
$420.00.
•
$42.00.
•
$567.00.
___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.
Multiple Choice
•
Wholesalers
•
Retailers
•
Manufacturers
•
Distributors
The Sales Returns and Allowances account is classified as
Multiple Choice
•
an asset account.
•
a contra asset account.
•
a contra revenue account.
•
a revenue account.
The amount used by wholesalers to record sales in the general journal is
Multiple Choice
•
the retail price.
•
the net price.
•
the list price.
•
the original price.
Which of the following describes the Sales Tax Payable account?
Multiple Choice
•
A liability account with a normal credit balance.
•
A liability account with a normal debit balance.
•
A revenue account with a normal credit balance.
•
An asset account with a normal debit balance.
Which of the following describes the Sales Returns and Allowances account?
Multiple Choice
•
A revenue account with a normal credit balance.
•
An expense account with a normal debit balance.
•
A contra expense account with a normal debit balance.
•
A contra revenue account with a normal debit balance.
The amount of the trade discount taken by the customer is:
Multiple Choice
•
recorded as an expense.
•
recorded as a revenue.
•
recorded as a liability.
•
not recorded directly as sales are recorded net of trade discounts.
Kay Sadia sold merchandise for $7,200 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for:
Multiple Choice
•
$6,624.00.
•
$7,200.00.
•
$7,776.00.
•
$12,960.00.
Modern Candy, a wholesaler, sold a crate of candy for $360.00 on account to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, what would be the total amount credited to the sales account?
Multiple Choice
•
$360.00
•
$356.40
•
$363.60
•
$324.00
Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include:
Multiple Choice
•
a debit to Sales Tax Payable for $576.00.
•
credit to Sales for $7,200.00.
•
a credit to Sales for $7,776.00.
•
a debit to Accounts Receivable for $7,200.00.
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-5-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Apply Assignment Week 5 Connect Assignment (April, 2020) (with Excel File) recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-5-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Apply Assignment Week 5 Connect Assignment (April, 2020) (with Excel File) recent
This Tutorial contains excel file which can be used in case the value changes
1) The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances.
Cash $27,945
Accounts Receivable 46,200
Note Receivable 8,000
Merchandise inventory 34,200
Prepaid Insurance 2,200
Supplies 1,260
Equipment 42,000
Accumulated depreciation,equipment 22,000
Note payable to bank,due 2020 20,000
Accounts payable 28,700
Interest payable 200
Sales 522,500
Sales discounts 1,700
Cost of goods sold 388,025
Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate the following:
a. The gross profit percentage.
b. Working capital.
c. The current ratio.
d. The inventory turnover.
e. The accounts receivable turnover. All sales wer on credit
2) Solomon Company reports the following in its most recent year of operations:
- Sales ,$1,040,400(all on account)
- Cost of Goods sold ,$601,400
- Gross Profit,$439,000
- Accounts receivable,beginning of year,$92,000
- Accounts receivable,end of year,$112,000
- Merchandaise inventory,beginning of year,$57,000
- Merchandaise inventory,end of year.$67,000
Based on these balances,compute:
a. The accounts receivable turnover.
b. The inventory turnover.
3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and $52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
401 Sales $248,200 Cr.
451 Sales Returns and Allowances 4,340 Dr.
491 Miscellaneous Income 390 Cr.
501 Purchases 103,500 Dr.
502 Freight In 1,965 Dr.
503 Purchases Returns and Allowances 3,590 Cr.
504 Purchases Discounts 1,790 Cr.
611 Salaries Expense-Sales 45,200 Dr.
614 Store Supply Expense 2,300 Dr.
617 Depreciation Expense-Store Equipment 1,500 Dr.
631 Rent Expense 13,400 Dr.
634 Utilities Expense 2,990 Cr.
637 Salaries Expense-Office 21,000 Cr.
640 Payroll Taxes Expense 5,900 Dr.
643 Depreciation Expense-Office Equipment 560 Dr.
646 Uncollectible Accounts Expense 710 Dr.
691 Interest expense 720 Dr.
Prepare a classified income statement for this firm for the year ended December 31,2019.
4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses.
401 Sales $244,400 Cr.
451 Sales Returns and Allowances 4,190 Dr.
491 Miscellaneous Income 240 Cr.
501 Purchases 102,000 Dr.
502 Freight In 1,815 Dr.
503 Purchases Returns and Allowances 3,440 Cr.
504 Purchases Discounts 1,640 Cr.
611 Salaries Expenses-Sales 43,700 Dr.
614 Store Supplies Expense 2,150 Dr.
617 Depreciation Expense-Store Equipment 1,350 Dr.
631 Rent,Expense 11,900 Dr.
634 Utilities Expense 2,840 Dr.
637 Salaries Expense-Office 19,500 Dr.
640 Payroll Taxes Expense 4,400 Dr.
643 Depreciation Expense-Office Equipment 410 Dr.
646 Uncollectible Accounts Expense 560 Dr.
691 Interest Expense 420 Dr.
The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts.
301 Bridget Swanson, Capital $62,160 Cr.
302 Bridget Swanson, Drawing 41,000 Dr.
5) The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is
o 186,500
o $135,500
o $110,000
o $161,000
6) A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations?
o $43,500
o $35,900
o $39,700
o $47,300
7)
2019
Dec.31 (Adjustment a)
Uncollectible Accounts Expense
Allowance for Doubtful Accounts
To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales,$728,000
3,640.00
3,640.00
31 (Adjustment b)
Supplies Expense
To record supplies used during the year
5,000.00
5,000.00
31 (Adjustment c)
Insurance Expenses
Prepaid Insurance
To record expired insurance on 1-year $5,760 policy purchased on oct.1
1,440.00
1,440.00
31 (Adjustment d)
Depreciation. Exp- Store Equipment
Accum. Depreciation-Store Equip.
To record depreciation
14,600.00
14,600.00
31 (Adjustment e)
Salaries Expense-office
Salaries payable
To record accrued salaries for Dec. 29-31
3,100.00
3,100.00
31 (Adjustment f)
Payroll Taxes Expense
Social Security Tax Payable
Medicare Tax Payable
TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100 = $192.20; Medicare, 1.45% * 3,100 = $44.95
- 15
- 20
- 95
31 (Adjustment g)
Interest Expense
Interest Payable
To record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00
- 00
- 00
8) The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows.The owner made no additional investments during the year.
Accounts Debit Credit
Cash $ 19,600
Accounts Receivable 60,000
Allowance for Doubtful Accounts $ 200
Merchandise Inventory 187,200
Supplies 7,240
Prepaid Insurance 3,160
Equipment 52,000
Accumulated Depreciation – Equipment 18,800
9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ; Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are:
- $596,760
- $674,400
- $671,760
- $687,360
10) The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses.
401 Sales $ 244,800 Cr.
451 Sales Returns and Allowances 4,210 Dr.
491 Miscellaneous income 260 Cr.
501 Purchases 102,200 Dr.
502 Freight In 1,835 Dr.
503 Purchases Returns and Allowances 3,460 Cr.
504 Purchases Discounts 1,660 Cr.
611 Salaries Expense-Slaes 43,900 Dr.
614 Store Supplies Expense 2,170 Dr.
617 Deprediction Expense- Store Equipment 1,370 Dr.
631 Rent Expense 12,100 Dr.
634 Utilities Expense 2,860 Dr.
637 Salaries Expense-Office 19,700 Dr.
640 Payroll Taxes Expense 4,600 Dr.
643 Depreciation Expense- Office Equipment 430 Dr.
646 Uncollectible Accounts Expense 580 Dr.
691 Interest Expense 460 Dr.
The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period.
301 Bridget Swanson, Capital $ 62,630 Cr.
302 Bridget Swanson, Drawing 40,900 Dr.
ACC 291T Apply Assignment Week 2 Connect Assignment (April, 2020) (with Excel File) recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-2-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
ACC 291T Apply Assignment Week 2 Connect Assignment (April, 2020) (with Excel File) recent
During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March?
Multiple Choice
•
$0
•
$1,110
•
$2,610
•
$3,720
A firm had purchases of $17,000, freight charges of $340, and purchases returns and allowances of $1,500 during one month. Its net delivered cost of purchases was:
Multiple Choice
•
$15,160.
•
$18,840.
•
$17,000.
•
$15,840.
Lewis Corporation engaged in the following transactions during June.
DATE TRANSACTIONS
2019
June 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $965; terms n/30.
15 Recorded purchases for cash, $1,450.
30 Paid amount due to Salinas Company for the purchase on June 4.
Record these transactions in a general journal.
Record the following transactions of Fronke’s Fashions in a general journal:
DATE TRANSACTIONS
2019
April 1 Purchased merchandise for cash, $1,120.
2 Returned merchandise for cash purchased on April 1; received a cash refund of $127.
4 Purchased merchandise on credit from Breit Distributors, Invoice 125, $652, terms n/30; freight of $27. prepaid by Breit Distributors and added to the invoice.
7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $34.
30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458.
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,400. Payment was received in full from Fronke’s Franks, less discount, on April 10.
Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system.
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.)
DATE TRANSACTIONS
2019
April 2 Sold merchandise for cash, $2,640 plus sales tax. The cost of merchandise sold was $1,640.
3 The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220.
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190.
6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230.
30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places)
DATE TRANSACTIONS
2019
March 8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms 3/10, n/30.
17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185.
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.
DATE TRANSACTIONS
2019
April 1 Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,550, terms 1/10, n/30; freight of $75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,625).
9 Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.
15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,800, terms 1/10, n/30; freight of $130 prepaid by Kroll and added to the invoice.
17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $105.
24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470.
Record these transactions in a general journal.
Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio $5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,655 and made payments on account to Mandy Lynn in the amount of $7,410. The amount Tune Tones owes Mandy Lynn on November 30 is:
Multiple Choice
•
$6,261.
•
$3,771.
•
$11,049.
•
$7,410.
During the year, a firm purchased $257,500 of merchandise and paid freight charges of $41,850. If the total purchases returns and allowances were $16,440 and purchase discounts were $8,900 for the year, what is the net delivered cost of purchases?
Multiple Choice
•
$299,350
•
$274,010
•
$324,690
•
$190,310
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291t-apply-assignment-week-2-connect-assignment-april-2020-with-excel-file-recent
For more classes visit
https://www.uopassignments.com/
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291-all-assignments-recent-syllabus-april-2020-recent
For more classes visit
https://www.uopassignments.com/
ACC 291 All Assignments (recent Syllabus) (April, 2020) recent
Check this A+ tutorial guideline at
https://www.uopassignments.com/acc-291t-uop/acc-291-all-assignments-recent-syllabus-april-2020-recent
For more classes visit
https://www.uopassignments.com/
ACC 291 All Assignments (recent Syllabus) (April, 2020) recent
ACC 291T Week 1 Practice: Connect® Knowledge Check
ACC 291T Week 1 Apply: Connect® Exercise
ACC 291T Week 2 Practice: Connect® Knowledge Check
ACC 291T Week 2 Apply: Connect® Exercise
ACC 291T Week 3 Practice: Connect® Knowledge Check
ACC 291T Week 3 Apply: Connect® Exercise
ACC 291T Week 4 Practice: Connect® Knowledge Check
ACC 291T Week 4 Apply: Connect® Exercise
ACC 291T Week 5 Practice: Connect® Knowledge Check
ACC 291T Week 5 Apply: Connect® Exercise
ACC 291 Week 1 Practice Connect Practice Assignment
ACC 291 Week 1 Apply Connect Assignment (Score 10/10) (With Excel File)
ACC 291 Week 2 Practice Connect Practice Assignment (Score 10/10)
ACC 291 Week 2 Apply Connect Assignment (Score 10/10) (with Excel File)
ACC 291 Week 3 Practice Connect Practice Assignment
ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File)
ACC 291 Week 4 Practice Connect Assignment
ACC 291 Week 4 Apply Connect Assignment (With Excel file)
ACC 291 Week 5 Connect Practice Connect Assignment (Score 100%)
ACC 291 Week 5 Apply Connect Assignment (with Excel File)
