ACC 291T Genuine Education / snaptutorial.com

1. ACC 291 All Assignments (New Syllabus) (March, 2020) For more classes visit www.snaptutorial.com ACC 291T Week 1 Practice: Connect® Knowledge Check ACC 291T Week 1 Apply: Connect® Exercise ACC 291T Week 2 Practice: Connect® Knowledge Check ACC 291T Week 2 Apply: Connect® Exercise ACC 291T Week 3 Practice: Connect® Knowledge Check ACC 291T Week 3 Apply: Connect® Exercise ACC 291T Week 4 Practice: Connect® Knowledge Check ACC 291T Week 4 Apply: Connect® Exercise

2. ACC 291T Week 5 Practice: Connect® Knowledge Check ACC 291T Week 5 Apply: Connect® Exercise ACC 291 Week 1 Practice Connect Practice Assignment ACC 291 Week 1 Apply Connect Assignment (Score 10/10) (With Excel File) ACC 291 Week 2 Practice Connect Practice Assignment (Score 10/10) ACC 291 Week 2 Apply Connect Assignment (Score 10/10) (with Excel File) ACC 291 Week 3 Practice Connect Practice Assignment ACC 291 Week 3 Apply Connect Assignment (Score 10/10) (With Excel File) ACC 291 Week 4 Practice Connect Assignment ACC 291 Week 4 Apply Connect Assignment (With Excel file) ACC 291 Week 5 Connect Practice Connect Assignment (Score 100%) ACC 291 Week 5 Apply Connect Assignment (with Excel File) *************************************************

3. ACC 291T Apply Assignment Week 2 Connect Assignment (March 2020) (with Excel File) For more classes visit www.snaptutorial.com During March a firm purchased $22,790 of merchandise and paid freight charges of $1,860. If the net delivered cost of purchases for the March is $22,040, what is the total purchase returns for March? Multiple Choice • $0 • $1,110 • $2,610 • $3,720

4. A firm had purchases of $17,000, freight charges of $340, and purchases returns and allowances of $1,500 during one month. Its net delivered cost of purchases was: Multiple Choice • $15,160. • $18,840. • $17,000. • $15,840. Lewis Corporation engaged in the following transactions during June. DATE 2019 June Salinas Company; Invoice 100 for $965; terms n/30. 15 Recorded purchases for cash, $1,450. 30 Paid amount due to Salinas Company for the purchase on June 4. TRANSACTIONS 4 Purchased merchandise on account from Record these transactions in a general journal. Record the following transactions of Fronke’s Fashions in a general journal: DATE TRANSACTIONS

5. 2019 April 1 2 Purchased merchandise for cash, $1,120. Returned merchandise for cash purchased on April 1; received a cash refund of $127. 4 Distributors, Invoice 125, $652, terms n/30; freight of $27. prepaid by Breit Distributors and added to the invoice. 7 Returned damaged merchandise purchased on April 4 from Breit Distributors; received Credit Memorandum 202 for $34. 30 Paid the amount due to Breit Distributors for the purchase of April 4, less the return on April 7, Check 1458. Purchased merchandise on credit from Breit On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on Invoice 1001, terms 2/10, n/30. The cost of merchandise sold was $2,400. Payment was received in full from Fronke’s Franks, less discount, on April 10. Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE 2019 April tax. The cost of merchandise sold was $1,640. TRANSACTIONS 2 Sold merchandise for cash, $2,640 plus sales

6. 3 The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places) DATE 2019 March 8 Alenikov Designs, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms 3/10, n/30. 17 Paid the amount owed on the purchase of March 8 from Alenikov Designs, less the 3 percent discount, Check 185. TRANSACTIONS Purchased merchandise on credit from Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.

7. DATE 2019 April O’Rourke Fabricators, Invoice 885, $3,550, terms 1/10, n/30; freight of $75 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,625). 9 Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,800, terms 1/10, n/30; freight of $130 prepaid by Kroll and added to the invoice. 17 Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $105. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. TRANSACTIONS 1 Purchased merchandise on credit from Record these transactions in a general journal. Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,016 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,655 and made payments on account to Mandy Lynn in the amount of $7,410. The amount Tune Tones owes Mandy Lynn on November 30 is: Multiple Choice • $6,261. • $3,771. • $11,049.

8. • $7,410. During the year, a firm purchased $257,500 of merchandise and paid freight charges of $41,850. If the total purchases returns and allowances were $16,440 and purchase discounts were $8,900 for the year, what is the net delivered cost of purchases? Multiple Choice • $299,350 • $274,010 • $324,690 • $190,310 ************************************************* ACC 291T Apply Assignment Week 3 Connect Assignment (March 2020) (with Excel File) For more classes visit

9. www.snaptutorial.com This Tutorial contains excel file which can be used in case the value changes 1. A firm’s bank reconciliation statement shows a book balance of $15.940,an NSF check of $460,and a service charge of $26.Its adjusted book balance is 2. On January 2,The Public Legal issued check 2108 for $260 to establish a petty cash fund.Indicate how this transaction would be recorded in a general journal 3. After returning from a three-day business trip,the accountant for southeast sales,JohannaEstrada,checked bank activity in the company’s checking account online.The activity for the last three days follows. After matching these transactions to the company’s cash account in the general ledger,Johanna noted the following unrecorded transactions:  The ATM withdrawal on 9/22/201 was for personal use by the owner,Robert Savage.  The ACH credit on 9/22/2019 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.  The bill payment made 9/23/2019was to waste control Trash Services(utilities).

10.  The loan payment on 9/24/2019 was an automatic debit by central motors for the company’s monthly payment on a loan for its automobiles.The loan does not bear interest. Prepare the journal entries in a general journal to record the four transactions above.(Round your answers to 2 decimal places.) 4. On January 2,Jasmine’s Beauty Supplies Inc,issued Check 3100 for $300 to establish a petty cash fund.On January 31, Check 3159 was issued to replenish the petty cash fund.An analysis of payments from the fund showed these totals: Supplies, $44; Delivery Expense,$85; and Miscellaneous Expense, $20. Indicate how these transactions would be recorded in a general journal. 5. Read each of the following transactions. A.The cash sales per a register tape were $579.The cash count is $552. B. The cash sales per a register tape were $8,700.The cash count is $8,280. Prepare the general journal entries to record the above transactions. 6. Teng Corporation received a bank statement showing a balance of $14,250 as of October 31,2019.The firm’s records showed a book balance of $13,893 on October 31. The difference between the two balances was caused by the following items. 1.A debit memorandum for an NSF check from Richard Wolf for $415. 2. Three outstanding checks:Check 7017 for $115, Check 7098 for $46,and Check 7107 for $1,470. 3. A bank service charge of $11. 4.A deposit in transit of $848.

11. Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconcillationstatement.Prepare the necessary journal entries for the year 2019. 7. Florence company received a bank statement showing a balance of $12,400 on November 30,2019.During the bank reconcillationprocess.Florence’s accountant noted the following bank errors: A.A check for $147 issued by Florentine, Inc., was mistakenly charged to Florence company’s account. B. Check 2782 was written for $100 but was paid by the bank as $1,100. C. Check 2920 for $81 was paid by the bank twice. D.A deposit for $570 on November 22 was credited by the bank for $750. Assuming outstanding checks total $1,750, Prepare the adjusted bank balance section of the November 30,2019, bank reconciliation. 8. Northwest Gift Shop, a retail business, started business on April 29,2019.It keeps a $300 change fund in its cash register. The cash receipts for the period from April 29 to April 30,2019, are shown below. Record the cash receipts on April 29 and April 30, 2019, in a general journal. 9. On March 31,2019, Home Decorating Pavilion received a bank statement showing a balance of $9,690. The balance in the firm’s checkbook and cash account on the same date was $10,134.The

12. difference between the two balances is caused by the items listed below, a. A $2,815 deposit made on March 30 does not appear on the bank statement. b. Check 358 for $455 issued on March 29 and check 359 for $1,590 issued on March 30 have not yet been paid by the bank. c. A credit memorandum shows that the bank has collected a $1,200 note receivable and interest of $210 for the firm. d. A service charge of $19 appears on the bank statement. e. A debit memorandum shows an NSF check for $495.(The check was issued by Dane jaris, a credit customer.) f. The firm’s records Indicate that check 341 of March 1 was issued for $800 to pay the month’s rent.However, the cancelled check and the listing on the bank statement show that the actual amount of the check was $750. g. The bank made an error by deducting a check for $530 issued by another business from the balance of Home Decorating Pavilion’s account. Required: 1.Prepare a bank reconciliation statement for the firm as of March 31,2019. 2.Recordentires for any items on the bank reconciliation statement that must be journalized. 10. Read the following transactions. Lourdes LLC.keeps a $100 change fund in its cash register.At the end of the day, Cash sales per the register tape were $2,650.The cash count was $3,000. Calculate the amount over or Short.

13. ************************************************* ACC 291T Apply Assignment Week 5 Connect Assignment (March 2020) (with Excel File) For more classes visit www.snaptutorial.com This Tutorial contains excel file which can be used in case the value changes The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances. 1) Cash Accounts Receivable $27,945 46,200

14. Note Receivable Merchandise inventory Prepaid Insurance Supplies Equipment Accumulated depreciation,equipment Note payable to bank,due 2020 Accounts payable Interest payable Sales 522,500 Sales discounts Cost of goods sold 8,000 34,200 2,200 1,260 42,000 22,000 20,000 28,700 200 1,700 388,025 Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales wer on credit 2) Solomon Company reports the following in its most recent year of operations: • Sales ,$1,040,400(all on account) • Cost of Goods sold ,$601,400 • Gross Profit,$439,000 • Accounts receivable,beginning of year,$92,000 • Accounts receivable,end of year,$112,000 • Merchandaise inventory,beginning of year,$57,000 • Merchandaise inventory,end of year.$67,000

15. Based on these balances,compute: a. The accounts receivable turnover. b. The inventory turnover. 3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and $52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $248,200 Cr. 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 103,500 Dr. 502 Freight In 1,965 Dr. 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store Supply Expense 617 Depreciation Expense-Store Equipment 631 Rent Expense 13,400 Dr. 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 643 Depreciation Expense-Office Equipment 646 Uncollectible Accounts Expense 691 Interest expense 4,340 Dr. 390 Cr. 3,590 Cr. 1,790 Cr. 45,200 Dr. 2,300 Dr. 1,500 Dr. 2,990 Cr. 21,000 Cr. 5,900 Dr. 560 Dr. 710 Dr. 720 Dr. Prepare a classified income statement for this firm for the year ended December 31,2019.

16. 4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $244,400 Cr. 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 102,000 502 Freight In 1,815 Dr. 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expenses-Sales 614 Store Supplies Expense 617 Depreciation Expense-Store Equipment 631 Rent,Expense 11,900 Dr. 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 643 Depreciation Expense-Office Equipment 646 Uncollectible Accounts Expense 691 Interest Expense 4,190 Dr. 240 Cr. Dr. 3,440 Cr. 1,640 Cr. 43,700 Dr. 2,150 Dr. 1,350 Dr. 2,840 Dr. 19,500 Dr. 4,400 Dr. 410 Dr. 560 Dr. 420 Dr. The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts. 301 Bridget Swanson, Capital 302 Bridget Swanson, Drawing $62,160 Cr. 41,000 Dr. 5) The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner

17. withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is o o o o 186,500 $135,500 $110,000 $161,000 6) A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations? o o o o $43,500 $35,900 $39,700 $47,300 7) 2019 Dec.31 (Adjustment a) Uncollectible Accounts Expense Allowance for Doubtful Accounts

18. To record estimated loss from accounts based on 0.5% of net credit sales,$728,000 Uncollectible 3,640.00 3,640.00 31 (Adjustment b) Supplies Expense To record supplies used during the year 5,000.00 5,000.00 31 (Adjustment c) Insurance Expenses Prepaid Insurance To record expired insurance on 1-year $5,760 policy purchased on oct.1 1,440.00 1,440.00 31 (Adjustment d) Depreciation. Exp- Store Equipment Accum. Depreciation-Store Equip. To record depreciation 14,600.00 14,600.00 31 (Adjustment e) Salaries Expense-office Salaries payable To record accrued salaries for Dec. 29-31 3,100.00 3,100.00 31 (Adjustment f) Payroll Taxes Expense

19. Social Security Tax Payable Medicare Tax Payable TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100 = $192.20; Medicare, 1.45% * 3,100 = $44.95 237.15 192.20 44.95 (Adjustment g) Interest Expense Interest Payable To record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00 230.00 31 230.00 8) The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows.The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Debit Credit $ 19,600 60,000 $ 200 187,200 7,240 3,160 52,000

20. Accumulated Depreciation – Equipment 18,800 9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ; Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are: • $596,760 • $674,400 • $671,760 • $687,360 10) The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $ 244,800 Cr. 451 Sales Returns and Allowances 491 Miscellaneous income 501 Purchases 102,200 Dr. 502 Freight In 1,835 Dr. 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Slaes 614 Store Supplies Expense 617 Deprediction Expense- Store Equipment 631 Rent Expense 12,100 Dr. 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 4,210 Dr. 260 Cr. 3,460 Cr. 1,660 Cr. 43,900 Dr. 2,170 Dr. 1,370 Dr. 2,860 Dr. 19,700 Dr. 4,600 Dr.

21. 643 646 691 Depreciation Expense- Office Equipment Uncollectible Accounts Expense Interest Expense 430 Dr. 580 Dr. 460 Dr. The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period. 301 302 Bridget Swanson, Capital Bridget Swanson, Drawing $ 62,630 Cr. 40,900 Dr. ************************************************* ACC 291T Assignment Week 1 Apply: Connect® Exercise For more classes visit www.snaptutorial.com

22. ACC 291T Week 1 Apply: Connect® Exercise Review the Knowledge Check in preparation for this assignment. Complete the Week 1 Exercise in Connect®. Note: You have only one attempt available to complete this assignment. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date If Lacy’s Department Store charges 8 percent sales tax, the amount of sales tax collected on a $525 sale would be Multiple Choice • $4.20. • $420.00. • $42.00. • $567.00.

23. ___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed. Multiple Choice • Wholesalers • Retailers • Manufacturers • Distributors The Sales Returns and Allowances account is classified as Multiple Choice • an asset account. • a contra asset account. •

24. a contra revenue account. • a revenue account. The amount used by wholesalers to record sales in the general journal is Multiple Choice • the retail price. • the net price. • the list price. • the original price. Which of the following describes the Sales Tax Payable account? Multiple Choice • A liability account with a normal credit balance.

25. • A liability account with a normal debit balance. • A revenue account with a normal credit balance. • An asset account with a normal debit balance. Which of the following describes the Sales Returns and Allowances account? Multiple Choice • A revenue account with a normal credit balance. • An expense account with a normal debit balance. • A contra expense account with a normal debit balance. • A contra revenue account with a normal debit balance. The amount of the trade discount taken by the customer is:

26. Multiple Choice • recorded as an expense. • recorded as a revenue. • recorded as a liability. • not recorded directly as sales are recorded net of trade discounts. Kay Sadia sold merchandise for $7,200 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for: Multiple Choice • $6,624.00. • $7,200.00. •

27. $7,776.00. • $12,960.00. Modern Candy, a wholesaler, sold a crate of candy for $360.00 on account to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, what would be the total amount credited to the sales account? Multiple Choice • $360.00 • $356.40 • $363.60 • $324.00 Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include: Multiple Choice •

28. a debit to Sales Tax Payable for $576.00. • credit to Sales for $7,200.00. • a credit to Sales for $7,776.00. • a debit to Accounts Receivable for $7,200.00. ************************************************* ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check For more classes visit www.snaptutorial.com

29. ACC 291T Week 1 Practice: Connect® Knowledge Check Complete the Week 1 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Hour Place Clock Shop sold a grandfather clock for $3,750 subject to a 7% sales tax. The entry in the general journal will include a debit to Accounts Receivable for Multiple Choice $3,625.00. $4,012.50. $3,750.00. $3,487.50.

30. The amount used by wholesalers to record sales in the general journal is Multiple Choice the retail price. the list price. the original price. the net price. Merchandise is sold on credit for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include a debit to Accounts Receivable for Multiple Choice $1,600.00. $1,696.00. $2,560.00. $1,504.00.

31. The balance due from an individual customer can be found in: Multiple Choice the general journal. the Sales account in the general ledger. the accounts receivable subsidiary ledger. the Accounts Receivable account in the general ledger. The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes Multiple Choice a debit to Sales and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales and a credit to Sales Returns and Allowances.

32. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. On June 12, Music, Inc. sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the entry to record the receipt of the customer’s payment: Multiple Choice Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 ________________________________________ • Cash 4,000 Accounts Receivable 4,000 ________________________________________

33. Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 ________________________________________ Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ________________________________________ Which of the following describes the Sales Returns and Allowances account? Multiple Choice A contra expense account with a normal debit balance. An expense account with a normal debit balance. A revenue account with a normal credit balance.

34. A contra revenue account with a normal debit balance. Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a: Multiple Choice Debit to Account Receivable Debit to Accounts Payable Debit to Sales Returns and Allowances Credit to Sales Returns and Allowances Merchandise is sold for cash for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include Multiple Choice

35. a debit to Accounts Receivable for $1,600; a debit to Sales Tax Payable for $96 and a credit to Sales for $1,696. a debit to Cash for $1,600 and a credit to Sales for $1,600. a debit to Cash for $1,696, a credit to Sales Tax Payable for $96 and a credit to Sales for $1,600. a debit to Accounts Receivable for $1,696 and a credit to Sales for $1,696. Sales Returns and Allowances have the effect of Multiple Choice increasing expenses. increasing assets. decreasing total revenue. increasing total revenue.

36. Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include: Multiple Choice a debit to Sales Tax Payable for $576.00. credit to Sales for $7,200.00. a debit to Accounts Receivable for $7,200.00. a credit to Sales for $7,776.00. On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, the journal entry to record the sale would include: Multiple Choice a debit to Accounts Receivable for $6,912 a credit to Sales for $6,912 a debit to Sales for $6,400 a debit to Sales Tax Payable for $512

37. A credit policy that is too tight may result in Multiple Choice high level of losses at the expense of increases in sales volume. high level of losses at the expense of decreases in sales volume. low level of losses at the expense of decreases in sales volume. low level of losses at the expense of increases in sales volume. On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, what is the amount debited to Accounts Receivable. Multiple Choice $5,888 $6,912 $6,400

38. $6,512 A schedule of accounts receivable is prepared Multiple Choice monthly. weekly. daily. yearly. All of the following are situations that can cause accounts receivable to become uncollectible, except Multiple Choice unexpected business developments. errors of judgment.

39. efficient business practices. in financial data. Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a: Multiple Choice debit to Sales Returns and Allowances and a credit to Account Receivable. debit to Sales and a credit to Sales Returns and Allowances. debit to Sales Discounts and a credit to Accounts Receivable. debit to Accounts Payable and a credit to Sales Returns and Allowances. On June 12, Candy Suppliers sells $5,000 of goods on account to a credit customer with credit terms 1/10, n/30. Assume the sale is not

40. subject to tax. On June 15, the customer returned $500 of the goods due to defect. Assume the customer pays within the discount period, select the entry to record the receipt of the customer’s payment: Multiple Choice Cash 4,455 Sales Discounts 45 Accounts Receivable 4,500 ________________________________________ Cash 5,000 Accounts Receivable 5,000 ________________________________________ Cash 4,950 Sales Discounts 50 Accounts Receivable 5,000 ________________________________________

41. Accounts Receivable 4,500 Sales Discounts 50 Cash 4,550 ________________________________________ ___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed. Multiple Choice Manufacturers Wholesalers Retailers Distributors

42. All of the following are examples of the most common types of credit sales, except Multiple Choice cards issued by credit card companies. business credit cards. closed-account credit cards. bank credit cards. The Sales account is classified as Multiple Choice a contra revenue account. an asset account. a revenue account. a liability account.

43. The entry to record the return of merchandise from a customer on which sales tax was charged includes Multiple Choice a debit to Sales Tax Payable. a debit to Accounts Receivable. a credit to Sales Tax Payable. a credit to Sales Returns and Allowances. If a firm had sales of $84,000 during a period and sales returns and allowances of $6,000, its net sales were Multiple Choice $6,000. $90,000. $84,000. $78,000.

44. A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 8 percent, the entry to record the sales tax payment includes a debit to Sales Tax Payable for Multiple Choice $720. $880. $640. $800. A credit policy that is too lenient may result in Multiple Choice increased sales volume accompanied by a high level of losses.

45. decreased sales volume accompanied by a low level of losses. increased sales volume accompanied by a low level of losses. decreased sales volume accompanied by a high level of losses. On October 12, Equipment Inc. sells $53,000 worth of equipment on account to a credit customer with credit terms of 1/10, n/30. Assume the sale is not subject to tax. Select the entry to record the sale on Oct 12. Multiple Choice Sales 53,000 Sales Discounts 530 Accounts Receivable 52,470 ________________________________________ Accounts Receivable 53,000 Sales Discounts 530

46. Sales 52,470 ________________________________________ Accounts Receivable 53,000 Sales 53,000 ________________________________________ • Cash 53,000 Sales 53,000 ________________________________________ A wholesale business sells goods with a list price of $800 and a trade discount of 36 percent. The net sales price is Multiple Choice $1,088.00.

47. $512.00. $288.00. $800.00. The Sales Returns and Allowances account is reported Multiple Choice on the income statement as an addition to Sales. on the balance sheet as a deduction from Capital. on the income statement as a deduction from Sales. on the balance sheet as a deduction from Accounts Receivable. Which of the following is a common example of the distribution channel? Multiple Choice

48. Customer sells to Wholesaler who sells to Retailer who sells to Wholesaler Manufacturer sells to Wholesaler who sells to Retailer who sells to Customer Manufacturer sells to Customer who sells to Wholesaler who sells to Retailer Manufacturer sells to Retailer who sells to Wholesaler who sells to Customer Which of the following is not one of the three basic types of businesses? Multiple Choice Service Manufacturing International Merchandising *************************************************

49. ACC 291T Assignment Week 2 Apply: Connect® Exercise For more classes visit www.snaptutorial.com ACC 291T Week 2 Apply: Connect® Exercise Review the Knowledge Check in preparation for this assignment. Complete the Week 2 Exercise in Connect®. Note: You have only one attempt available to complete this assignment. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Credit terms of 2/10, n/45 mean: Multiple Choice

50. payment in full is due 2 days after date of the invoice. • if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 35 days. • if the invoice is paid within 10 days of its date, a 2% discount may be taken; otherwise the total amount is due in 45 days. • payment in full is due 45 days after date of the invoice with no discount offered. Assuming a periodic inventory system is used, the entry to record a return of merchandise purchased on credit would: Multiple Choice • debit Purchases Returns and Allowances and credit Accounts Receivable. • debit Purchases Returns and Allowances and credit Purchases. • debit Purchases and credit Purchases Returns and Allowances.