FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 5: Accounting for Retail Businesses

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 141

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following accounts carry a normal credit balance?

A) Sales Tax Payable, Cost of Goods Sold, and Sales
B) Inventory, Delivery Expense, and Sales
C) Customer Refunds Payable, Estimated Returns Inventory, and Sales
D) Sales Tax Payable, Customer Refunds Payable, and Sale

E) A) and C)
F) C) and D)

Correct Answer

verified

Show Answer

Question 142

Essay

Review LaterAdd Note

Review Later

Conquest Company uses a perpetual inventory system. Conquest purchased $1,500 of merchandise on account and payment was made within the discount period. The credit terms were 2/10, n/30. Journalize Conquest's purchase and payment.

Correct Answer

verified

Show Answer

Question 143

Multiple Choice

Review LaterAdd Note

If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are

Who is responsible for the freight cost when the terms are FOB destination?

Colma Company purchased merchandise on account from Bellville Company, $2,400, terms FOB destination. Analyze the transaction and determine its effect on the accounting equation. ​

The adjusting entry to account for estimated customer returns and allowances involves a

Under the periodic inventory system, the journal entry to record the purchase of inventory will include a debit to

Journalize the following transactions assuming a perpetual inventory system: ​

Prepare a single-step income statement from the following data for Burt Co., taken from the ledger after adjustments on December 31, the end of the fiscal year.

The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be

Most retailers record all credit card sales as credit sales.

Argyle Corp. uses the gross method or recording sales discounts. Assume that Fitzgerald, Inc. made a $12,000 purchase with terms of 2/10, n/30. When it pays in the discount period, what is the correct journal entry?

Which of the lists below shows accounts that would be closed at the end of the fiscal period?

Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms. What is the cost of inventory reported on the balance sheet?

In credit terms of 3/15, n/45, the "3" represents the

Prepare a balance sheet for Fernandez Company assuming the current portion of the notes payable is $30,000.