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ACC 291T Week 2 Apply: Connectu00ae Exercise//tutorfortune.com<br><br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-2-apply-connect-exercise<br><br>ACC 291T Week 2 Apply: Connectu00ae Exercise<br><br>Review the Knowledge Check in preparation for this assignment.<br><br>Complete the Week 2 Exercise in Connectu00ae.<br><br>Note: You have only one attempt available to complete this assignment.<br><br>Grades must be transferred manually to eCampus by your instructor. Donu2019t worry, this might happen after your due date<br><br>Credit terms of 2/10, n/45 mean:<br><br>Multiple Choice<br><br>payment in full is due 2 days after date of the invoice.<br><br>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.<br><br>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.<br><br>payment in full is due 45 days after date of the invoice with no discount offered.<br><br>Assuming a periodic inventory system is used, the entry to record a return of merchandise purchased on credit would:<br><br>Multiple Choice<br><br>debit Purchases Returns and Allowances and credit Accounts Receivable.<br><br>debit Purchases Returns and Allowances and credit Purchases.<br><br>debit Purchases and credit Purchases Returns and Allowances.<br><br>debit Accounts Payable and credit Purchases Returns and Allowances.<br><br>Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to:<br><br>Multiple Choice<br><br><br>the creditoru2019s account in the subsidiary ledger.<br><br>the Freight In account.<br><br>the Purchases account.<br><br>the Accounts Payable account.<br><br>Which of the following statements is ?<br><br>Multiple Choice<br><br>Purchases Discounts is a contra expense account with a normal credit balance.<br><br>Purchases Discounts is a revenue account with a normal credit balance.<br><br>Purchases Discounts is an asset account with a normal credit balance.<br><br>Purchases Discounts is an expense account with a normal debit balance.<br><br>Which of the following statements is ?<br><br>Multiple Choice<br><br>The person who ordered the goods should also authorize payment.<br><br>Purchase requisitions do not need to be printed on pre-numbered forms.<br><br>Calculations on an invoice are assumed to be if computer generated.<br><br>u2022<br>Purchases should be made only after receiving proper written authorization.<br><br>On Oct 1, Jerryu2019s Lighting purchased merchandise with a list price of $5,000 with credit terms of 1/10, n/30. On Oct 3, Jerryu2019s returns $500 of the merchandise. Assuming a periodic inventory system is used and Jerryu2019s pays the remaining amount owed on the purchase within the discount period, Jerryu2019s journal entry to record the payment, would include:<br><br>Multiple Choice<br><br>u2022<br><br>Option D.<br><br>u2022<br><br>Option A.<br><br>u2022<br><br>Option B.<br><br>u2022<br><br>Option C.<br>ACC 291T Week 2 Apply: Connectu00ae Exercise<br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-2-apply-connect-exercise<br><br>
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ACC 291T Week 2 Apply: Connect® Exercise//tutorfortune.com Click on below link to buy https://tutorfortune.com/products/acc-291t-week-2-apply-connect-exercise A C C 2 9 1 T We e k 2 A p p l y : C o n n e c t ® E x e r c i s e R e v i e w t h e K n o w l e d g e C h e c k i n p r e p a r a t i o n f o r t h i s a s s i g n me n t . C o mp l e t e t h e We e k 2 E x e r c i s e i n C o n n e c t ® . N o t e : Y o u h a v e o n l y o n e a t t e mp t a v a i l a b l e t o c o mp l e t e t h i s a s s i g n me n t . G r a d e s mu s t b e t r a n s f e r r e d ma n u a l l y t o e C a mp u s b y y o u r i n s t r u c t o r . D o n ’ t w o r r y , t h i s mi g h t h a p p e n a f t e r y o u r d u e d a t e C r e d i t t e r ms o f 2 / 1 0 , n / 4 5 me a n : Mu l t i p l e C h o i c e p a y me n t i n f u l l i s d u e 2 d a y s a f t e r d a t e o f t h e i n v o i c e . i f t h e i n v o i c e i s p a i d w i t h i n 1 0 d a y s o f i t s d a t e , a 2 % d i s c o u n t ma y b e t a k e n ; o t h e r w i s e t h e t o t a l a mo u n t i s d u e i n 3 5 d a y s . i f t h e i n v o i c e i s p a i d w i t h i n 1 0 d a y s o f i t s d a t e , a 2 % d i s c o u n t ma y b e t a k e n ; o t h e r w i s e t h e t o t a l a mo u n t i s d u e i n 4 5 d a y s . p a y me n t i n f u l l i s d u e 4 5 d a y s a f t e r d a t e o f t h e i n v o i c e w i t h n o d i s c o u n t o ff e r e d . A s s u mi n g a p e r i o d i c i n v e n t o r y s y s t e m i s u s e d , t h e e n t r y t o r e c o r d a r e t u r n o f me r c h a n d i s e p u r c h a s e d o n c r e d i t w o u l d : Mu l t i p l e C h o i c e d e b i t P u r c h a s e s R e t u r n s a n d A l l o w a n c e s a n d c r e d i t A c c o u n t s R e c e i v a b l e . d e b i t P u r c h a s e s R e t u r n s a n d A l l o w a n c e s a n d c r e d i t P u r c h a s e s . d e b i t P u r c h a s e s a n d c r e d i t P u r c h a s e s R e t u r n s a n d A l l o w a n c e s . d e b i t A c c o u n t s P a y a b l e a n d c r e d i t P u r c h a s e s R e t u r n s a n d A l l o w a n c e s . A s s u mi n g a p e r i o d i c i n v e n t o r y s y s t e m i s u s e d , f r e i g h t c h a r g e s o n me r c h a n d i s e p u r c h a s e s s h o u l d b e d e b i t e d t o :
Mu l t i p l e C h o i c e t h e c r e d i t o r ’ s a c c o u n t i n t h e s u b s i d i a r y l e d g e r . t h e F r e i g h t I n a c c o u n t . t h e P u r c h a s e s a c c o u n t . t h e A c c o u n t s P a y a b l e a c c o u n t . Wh i c h o f t h e f o l l o w i n g s t a t e me n t s i s ? Mu l t i p l e C h o i c e P u r c h a s e s D i s c o u n t s i s a c o n t r a e x p e n s e a c c o u n t w i t h a n o r ma l c r e d i t b a l a n c e . P u r c h a s e s D i s c o u n t s i s a r e v e n u e a c c o u n t w i t h a n o r ma l c r e d i t b a l a n c e . P u r c h a s e s D i s c o u n t s i s a n a s s e t a c c o u n t w i t h a n o r ma l c r e d i t b a l a n c e . P u r c h a s e s D i s c o u n t s i s a n e x p e n s e a c c o u n t w i t h a n o r ma l d e b i t b a l a n c e . Wh i c h o f t h e f o l l o w i n g s t a t e me n t s i s ? Mu l t i p l e C h o i c e T h e p e r s o n w h o o r d e r e d t h e g o o d s s h o u l d a l s o a u t h o r i z e p a y me n t . P u r c h a s e r e q u i s i t i o n s d o n o t n e e d t o b e p r i n t e d o n p r e - n u mb e r e d f o r ms . C a l c u l a t i o n s o n a n i n v o i c e a r e a s s u me d t o b e i f c o mp u t e r g e n e r a t e d . • P u r c h a s e s s h o u l d b e ma d e o n l y a f t e r r e c e i v i n g p r o p e r w r i t t e n a u t h o r i z a t i o n . O n O c t 1 , J e r r y ’ s L i g h t i n g p u r c h a s e d me r c h a n d i s e w i t h a l i s t p r i c e o f $ 5 , 0 0 0 w i t h c r e d i t t e r ms o f 1 / 1 0 , n / 3 0 . O n O c t 3 , J e r r y ’ s r e t u r n s $ 5 0 0 o f t h e me r c h a n d i s e . A s s u mi n g a p e r i o d i c i n v e n t o r y s y s t e m i s u s e d a n d J e r r y ’ s p a y s t h e r e ma i n i n g a mo u n t o w e d o n t h e p u r c h a s e w i t h i n t h e d i s c o u n t p e r i o d , J e r r y ’ s j o u r n a l e n t r y t o r e c o r d t h e p a y me n t , w o u l d i n c l u d e : Mu l t i p l e C h o i c e •
O p t i o n D . • O p t i o n A . • O p t i o n B . • O p t i o n C . A C C 2 9 1 T We e k 2 A p p l y : C o n n e c t ® E x e r c i s e Click on below link to buy https://tutorfortune.com/products/acc-291t-week-2-apply-connect-exercise
