1 / 3

ACC 291T Week 2 Apply: Connect® Exercise//tutorfortune.com

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>

topten
Download Presentation

ACC 291T Week 2 Apply: Connect® Exercise//tutorfortune.com

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 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 :

  2. 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 •

  3. 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

More Related