11. When a firm is using a periodic inventory procedure, the cost of goods purchased is equal to

A. Beginning Inventory + Purchases - Purchase Returns and Allowances - Purchase Discounts + Transportation-in.

B. Ending Inventory + Purchases - Purchase Returns and Allowances - Purchase Discounts + Transportation-in.

C. Purchases - Purchase Returns and Allowances - Purchase Discounts + Transportation-in.

D. Purchases - Purchase Returns and Allowances - Purchase Discounts - Transportation-in.

12. An example of a contra-revenue account found on the Income Statement is the

A. Uncollectible Accounts Expense.

B. Transportation-in.

C. Purchase Returns and Allowances.

D. Sales Returns and Allowances.

13. Company A records purchases using the net price method. If an item is purchased from a supplier for $800 on terms of 3/10, n/30, the correct accounting entry would be

A. Purchases 776 Purchase Discounts 24 Accounts Payable 800

B. Purchases 776 Accounts Payable 776

C. Accounts Payable 800 Purchases 776 Purchase Discounts 24

D. Purchases 800 Accounts Payable 800

14. What account will be debited to record an accounts receivable amount considered to be a bad debt if the direct write-off method of accounting is used?

A. Uncollectible Accounts Expense

B. Cash

C. Allowance for Doubtful Accounts

D. Sales