1/ Multiple Choice Question 173

Pharoah Company has an opening balance in its supplies account of $2980 and purchases $3720 of supplies during the year. A year-end physical count shows $3470 in supplies inventory. Which is the appropriate journal entry at year end?

Dr Supplies Expense $3470 Cr Supplies $3470

Dr Supplies $3230 Cr Supplies Expense $3230

Dr Supplies $3720 Cr Cash $3720

Dr Supplies Expense $3230 Cr Supplies $3230

2/ Multiple Choice Question 217

Given the following adjusted trial balance:

Debit	Credit
Cash	$1629
Accounts receivable	2056
Inventory	3062
Prepaid rent	84
Equipment	290
Accumulated depreciation-equipment	$51
Accounts payable	80
Unearned service revenue	120
Common stock	199
Retained earnings	6480
Service revenue	361
Interest revenue	55
Salaries and wages expense	160
Travel expense	65
Total	$7346	$7346

Net income for the year is:

$582.

$191.

$362.

$416.

3/ Multiple Choice Question 102

Tony?s Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $77400, terms 2/11, n/30. Returned $1500 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company?s inventory

increased by $74774.

increased by $74782.

increased by $76300.

increased by $74382.

4/ Multiple Choice Question 112

The entry to record a sale of $3400 with terms of 2/8, n/30 will include a

credit to Accounts Receivable for $3400.

credit to Sales Revenue for $3400.

debit to Sales Revenue for $3332.

debit to Sales Discounts for $68.

5/ Multiple Choice Question 132

Blossom Company sells merchandise on account for $3300 to with credit terms of 2/7, n/30. Nash's Trading Post, LLC returns $800 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Blossom Company make upon receipt of the check?

Cash	2500
Accounts Receivable	2500

Cash	2450
Sales Returns and Allowances	850
Accounts Receivable	3300

Cash	2450
Sales Returns and Allowances	800
Sales Discounts	50
Accounts Receivable	3300

Cash	3234
Sales Discounts	66
Sales Returns and Allowances	800
Accounts Receivable	2500

6/ Multiple Choice Question 178

At the beginning of the year, Uptown Athletic had an inventory of $750000. During the year, the company purchased goods costing $2060000. If Uptown Athletic reported ending inventory of $920000 and sales of $3280000, their cost of goods sold and gross profit rate would be

$1390000 and 58%.

$1140000 and 57.62%.

$1890000 and 42.38%.

$2140000 and 42%.

7/ Multiple Choice Question 181

During the year, Sarah?s Pet Shop?s merchandise inventory decreased by $59000. If the company?s cost of goods sold for the year was $680000, purchases would have been

$562000.

0.

$739000.

$621000.

8/ Multiple Choice Question 187

Nash's Trading Post, LLC accounting records show the following for the year ending on December 31, 2017.

Purchase Discounts	$ 11000
Freight-in	14600
Purchases	675020
Beginning Inventory	35000
Ending Inventory	45600
Purchase Returns and Allowances	10300

Using the periodic system, the cost of goods sold is

$657720.

$695720.

$674520.

$674720.

10/ Multiple Choice Question 201

American Importers reports net income of $100000 and cost of goods sold of $575000. If the company?s gross profit rate was 35%, net sales were

$884615.

$1742857.

$1642857.

$1367857.

9/ Multiple Choice Question 205

Novak Corp. returned $330 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Novak would record this transaction as:

Inventory	330
Accounts Payable	330

Purchase Returns and Allowances	330
Accounts Payable	330

Accounts Payable	330
Inventory	330

Accounts Payable	330
Purchases Returns and Allowances	330

1/ Multiple Choice Question 173 Pharoah Company has an opening balance in its supplies account of $2980 and purchases $3720 of supplies during the year. A year-end physical count shows $3470 in supplies inventory. Which is the appropriate journal entry at year end? Dr Supplies Expense $3470 Cr Supplies $3470 Dr Supplies $3230 Cr Supplies Expense $3230 Dr Supplies $3720 Cr Cash $3720 Dr Supplies Expense $3230 Cr Supplies $3230 2/ Multiple Choice Question 217 Given the following adjusted trial balance: Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciationequipment Accounts payable Unearned service revenue Common stock Retained earnings Debit $1629 2056 3062 84 290 Credit $51 80 120 199 6480 Service revenue Interest revenue Salaries and wages expense Travel expense Total 361 55 160 65 $7346 $7346 Net income for the year is: $582. $191. $362. $416. 3/ Multiple Choice Question 102 Tony's Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $77400, terms 2/11, n/30. Returned $1500 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $74774. increased by $74782. increased by $76300. increased by $74382. 4/ Multiple Choice Question 112 The entry to record a sale of $3400 with terms of 2/8, n/30 will include a credit to Accounts Receivable for $3400. credit to Sales Revenue for $3400. debit to Sales Revenue for $3332. debit to Sales Discounts for $68. 5/ Multiple Choice Question 132 Blossom Company sells merchandise on account for $3300 to with credit terms of 2/7, n/30. Nash's Trading Post, LLC returns $800 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Blossom Company make upon receipt of the check? Cash 2500 Accounts Receivable 2500 Cash Sales Returns and Allowances Accounts Receivable 2450 850 Cash Sales Returns and Allowances Sales Discounts Accounts Receivable 2450 800 50 Cash Sales Discounts Sales Returns and Allowances 3234 66 3300 3300 800 Accounts Receivable 2500 6/ Multiple Choice Question 178 At the beginning of the year, Uptown Athletic had an inventory of $750000. During the year, the company purchased goods costing $2060000. If Uptown Athletic reported ending inventory of $920000 and sales of $3280000, their cost of goods sold and gross profit rate would be $1390000 and 58%. $1140000 and 57.62%. $1890000 and 42.38%. $2140000 and 42%. 7/ Multiple Choice Question 181 During the year, Sarah's Pet Shop's merchandise inventory decreased by $59000. If the company's cost of goods sold for the year was $680000, purchases would have been $562000. 0. $739000. $621000. 8/ Multiple Choice Question 187 Nash's Trading Post, LLC accounting records show the following for the year ending on December 31, 2017. Purchase Discounts $ 11000 Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns and Allowances 14600 675020 35000 45600 10300 Using the periodic system, the cost of goods sold is $657720. $695720. $674520. $674720. 9/ Multiple Choice Question 201 American Importers reports net income of $100000 and cost of goods sold of $575000. If the company's gross profit rate was 35%, net sales were $884615. $1742857. $1642857. $1367857. 10/ Multiple Choice Question 205 Novak Corp. returned $330 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Novak would record this transaction as: Inventory Accounts Payable 330 Purchase Returns and Allowances Accounts Payable 330 Accounts Payable Inventory 330 Accounts Payable Purchases Returns and Allowances 330 330 330 330 330