11. INVENTORY METHODS: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 Purchase 300 units at $30 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

		A. 10,000
		B. 8,000
		C. 6,000
		D. 4,000
		E. None of the above

12. FINANCIAL STATEMENTS: In the income statement if total revenues are 30,000 and total expenses are 20,000, how much is the net income?

		A. 50,000
		B. 30,000
		C. 20,000
		D. 10,000
		E. None of the above

13. BANK RECONCILIATION: In a bank reconciliation if the outstanding checks are 15,000, what is the journal entry to record the outstanding checks?

		A. Dr. Outstanding Checks 15,000 Cr. Cash 15,000
		B. Dr. Cash 15,000 Cr. Outstanding Checks 15,000
		C. Dr. Outstanding Checks 15,000 Cr. Deposit in Transit 15,000
		D. Dr. Deposit in Transit 15,000 Cr. Outstanding Checks 15,000
		E. None of the above

14. JOURNAL ENTRIES: What is the journal entry to record the following transaction: The owner, Marcia Ramos withdrew 7000 from her business?

		A. Dr. Cash 7,000; Cr. Marcia Ramos, Capital 7,000
		B. Dr. Marcia Ramos, Capital 7,000; Cr. Cash 7,000
		C. Dr. Cash 7,000; Cr. Marcia Ramos, Withdrawals 7,000
		D. Dr. Marcia Ramos, Withdrawals 7,000; Cr. Cash 7,000
		E. None of the above

15. FINANCIAL STATEMENTS: For Company Y in the statement of owners equity for January 2020 the owner contribution was 20,000, the net income for January was 15,000, the owner withdrawal 30,000 and the ending capital at 1/31/20 was 35,000. How much was the beginning capital balance on 1/1/2020?

		A. 40,000
		B. 35,000
		C. 30,000
		D. 25,000
		E. None of the above

16. INVENTORY METHODS: Co. Z. has the following units of beginning inventory, purchases and total sales for the year: Beginning inventory 400 units at $10 each, Purchase 6/1 300 units at $15 each, Purchase 9/1 300 units @ 20 each, and total sales for the year of 600 units. How many units are in ending inventory?

		A. 600
		B. 500
		C. 400
		D. 300
		E. None of the above

17. INVENTORY METHODS: Co. T has the following beginning inventory, purchases and ending inventory: Beginning inventory 200 units at $10 each, Purchase 6/1 400 units at $15 each, Purchase 9/1 400 units @ 20 each, and ending inventory 300 units. If the average cost per unit is $16, using the average cost method, what is the cost of the ending inventory?

		A. 10000
		B. 6400
		C. 4800
		D. 3300
		E. None of the above

18. JOURNAL ENTRIES: Using the perpetual method, what is the journal entry to record the purchase of $4,000 of merchandise inventory on account?

		A. Dr. Merchandise Inventory 4,000; Cr. Accounts Receivable 4,000
		B. Dr. Accounts Payable 4,000; Cr. Merchandise Inventory 4,000
		C. Dr. Accounts Payable 4,000; Cr. Purchases 4,000
		D. Dr. Purchases 4,000; Cr. Accounts Receivable 4,000
		E. None of the above

19. SPECIAL JOURNALS: In which journal is a purchase return recorded?

		A. Cash Receipts
		B. General
		C. Purchases
		D. Sales
		E. None of the above

20. SPECIAL JOURNALS: In which journal is an adjusting entry recorded?

		A. Cash Receipts
		B. General
		C. Purchases
		D. Sales
		E. None of the above