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Sales, Component % Reveiw
Test Description: Sales, Component % reveiw
Instructions: Answer all questions to get your test result.
1) Bling Store sold merchandise for $787, plus sales tax of $43, to Ima Diva who charged the sale on her bank credit card. Ms. Diva later returned the merchandise
A
Debit Accounts Receivable/Ima Diva, $830; Credit Sales Returns and Allowances, $787, Sales Tax Payable, $43.
B
Debit Cash, $830; Credit Sales Returns and Allowances, $787, Sales Tax Payable, $43.
2) Grocers received $630 cash from Corner Market for payment on account. Corner Market took a $70 discount for paying early. What is the journal entry for Wholesale Grocers to record this transaction?
A
Debit Cash, $630; credit Sales Discounts $70; credit Accounts Receivable/ Corner Market, $560
B
Debit Cash, $630; debit Sales Discounts $70; credit Accounts Receivable/ Corner Market, $700.
3) The merchandise inventory account has a balance of $1,500. At the end of the month, a physical count of the inventory items shows $700 on hand. How is the adjusting entry to inventory recorded on a multi-column trial balance worksheet?
A
Debit Income Summary, $800; Credit Merchandise Inventory, $800
B
Debit Merchandise Inventory, $800; Credit Income Summary, $800
4) John discovered that a sale on account to Madison Company on April 8 for $700 was incorrectly charged to Macon Company. What is the journal entry to correct this error?
A
Debit Madison Company $700 and credit Macon Company $700
B
Debit Macon Company $700 and credit Madison Company $700
5) what is the component percentage for Rent Expense?
A
sales divide by rent expense
B
rent expense divide by sales
6) When closing the Rent Expense account, debit:
A
Rent Expense and credit Owner's Equity
B
Income Summary and credit Rent Expense
7) how do you calculate total asset
A
add drawings to all other balance sheet debit items
B
all balance sheet debit items are added and subtract drawings
8) How can you calculate net income component percent
A
sales plus expenses divided by sales
B
total sales-total expenses divided by sales
9) The beginning supplies balance is $1,600 and the ending supplies balance is $1,200. The correct adjusting entry will be to debit:
A
Supplies and credit Supplies Expense $400.
B
Supplies Expense and credit Supplies $400.
10) Mary is preparing a Balance Sheet. She has calculated and recorded the total liabilities. What should Mary do NEXT?
A
Record the balance of each asset account.
B
. Prepare the Owner's Equity section.
*select an answer for all questions
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