Sales, Component % Reveiw Question Preview (ID: 17235)


Sales, Component % Reveiw. TEACHERS: click here for quick copy question ID numbers.

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 Cash, $830; Credit Sales Returns and Allowances, $787, Sales Tax Payable, $43.
b) Debit Accounts Receivable/Ima Diva, $830; Credit Sales Returns and Allowances, $787, Sales Tax Payable, $43.
c)
d)

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; debit Sales Discounts $70; credit Accounts Receivable/ Corner Market, $700.
b) Debit Cash, $630; credit Sales Discounts $70; credit Accounts Receivable/ Corner Market, $560
c)
d)

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 Merchandise Inventory, $800; Credit Income Summary, $800
b) Debit Income Summary, $800; Credit Merchandise Inventory, $800
c)
d)

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
c)
d)

what is the component percentage for Rent Expense?
a) rent expense divide by sales
b) sales divide by rent expense
c)
d)

When closing the Rent Expense account, debit:
a) Rent Expense and credit Owner's Equity
b) Income Summary and credit Rent Expense
c)
d)

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
c)
d)

How can you calculate net income component percent
a) total sales-total expenses divided by sales
b) sales plus expenses divided by sales
c)
d)

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.
c)
d)

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.
c)
d)

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