1) 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 correct entry to record the receipt of the customer's payment:

2) 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?

3) All of the following are situations that can cause accounts receivable to become uncollectible, except

4)A wholesale business sells goods with a list price of $800 and a trade discount of 36 percent. The net sales price is

5)The balance due from an individual customer can be found in:

6)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:

7) If a firm had sales of $84,000 during a period and sales returns and allowances of $6,000, its net sales were

8) Which of the following describes the Sales Returns and Allowances account?

9)Which of the following is not one of the three basic types of businesses?

10)All of the following are examples of the most common types of credit sales, except

11)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

12)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 correct entry to record the sale on Oct 12.

13)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:

14)The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes

15)Sales Returns and Allowances have the effect of

16)A schedule of accounts receivable is prepared

17)Which of the following is a common example of the distribution channel?

18)A credit policy that is too tight may result in

19)The Sales Returns and Allowances account is reported

20)A credit policy that is too lenient may result in

21)The amount used by wholesalers to record sales in the general journal is

22)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:

23)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

24)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 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 correct entry to record the receipt of the customer's payment:

25)Merchandise is sold for cash for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include

26)The Sales account is classified as

27)The entry to record the return of merchandise from a customer on which sales tax was charged includes

28)___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.

29)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.

30)Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include: