Purchases PR, Sales, SR Accounts: Question Preview (ID: 17232)


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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 c) d)
Rockets purchased merchandise for cash from Coswell Fuels for $300
a) Debit Cash, $300; credit Purchases, $300. b) Debit Purchases, $300; credit Cash, $300. c) d)
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. c) d)
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. c) d)
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. c) d)
McFadden Supply sold merchandise to Jackson Company on account, for $570, plus sales tax of $30
a) Debit Accounts Receivable/Jackson Company, $600; Credit Sales, $570, Sales Tax Payable, $30. b) Debit Accounts Payable/Jackson Company, $600; Credit Sales $570, Sales Tax Payable, $30. c) d)
Auto received $250 cash from Bill's Rentals for payment on his account
a) Debit Sales, $250; credit Cash, $250 b) Debit Cash, $250; credit Accounts Receivable/Bill's Rentals, $250 c) d)
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. c) d)
Music Supply sold Franklin High School, merchandise on account for $701
a) Debit Sales, $701; Credit Accounts Receivable/Franklin High School, $701. b) Debit Accounts Receivable/Franklin High School, $701; Credit Sales, $701. c) d)
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. c) d)
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