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Purchases PR, Sales, SR Accounts
Test Description: Purchases PR, Sales, SR accounts
Instructions: Answer all questions to get your test result.
1) Supply co purchased merchandise on account from Jackson Supply, for $570. What is the journal entry for Supply co to record this transaction?
A
Debit Purchases, $570; Credit Accounts Payable/Jackson Supply, $570.
B
Debit Purchases, $570; Credit Accounts Receivable/Jackson Supply, $570
2) Rockets purchased merchandise for cash from Coswell Fuels for $300
A
Debit Cash, $300; credit Purchases, $300.
B
Debit Purchases, $300; credit Cash, $300.
3) Bakery paid cash on account to MX Flour Mill, $740,
A
Debit Accounts Payable/ MX Flour Mill $740; credit Cash, $740.
B
Debit Cash $740; credit Accounts Payable/ MX Flour Mill $740.
4) Shop purchased bicycles (merchandise) on account from Peddlers Supply for $800
A
Debit Accounts Payable/Peddlers Supply, $800; Credit Purchases, $800.
B
Debit Purchases, $800; Credit Accounts Payable/Peddlers Supply, $800.
5) Shoes returned merchandise that was purchased on account to David's Distributing, $200
A
Debit Purchases Returns and Allowances, $200; Credit Accounts Payable/ David's Distributing, $200.
B
Debit Accounts Payable/David's Distributing, $200; Credit Purchases Returns and Allowances, $200.
6) McFadden Supply sold merchandise to Jackson Company on account, for $570, plus sales tax of $30
A
Debit Accounts Payable/Jackson Company, $600; Credit Sales $570, Sales Tax Payable, $30.
B
Debit Accounts Receivable/Jackson Company, $600; Credit Sales, $570, Sales Tax Payable, $30.
7) Auto received $250 cash from Bill's Rentals for payment on his account
A
Debit Cash, $250; credit Accounts Receivable/Bill's Rentals, $250
B
Debit Sales, $250; credit Cash, $250
8) Wholesale accepted returned merchandise purchased on account by Runners for, $550, plus sales tax of $32. What is the journal entry for Footware Wholesale to record this transaction?
A
Debit Sales Returns and Allowances, $550, Sales Tax Payable, $32; Credit Accounts Receivable/Runners, $582.
B
Debit Accounts Receivable/Runners, $582; Credit Sales Returns and Allowances, $550, Sales Tax Payable, $32.
9) Music Supply sold Franklin High School, merchandise on account for $701
A
Debit Accounts Receivable/Franklin High School, $701; Credit Sales, $701.
B
Debit Sales, $701; Credit Accounts Receivable/Franklin High School, $701.
10) Warehouse sold merchandise for $982, plus sales tax of $76, to Outdoor Fun, who paid for the merchandise with a bank credit card at the time of the sale
A
Debit Sales, $982, Sales Tax Payable, $76; Credit Cash $1,058.
B
Debit Cash, $1,058; Credit Sales, $982, Sales Tax Payable, $76.
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