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115.If a company issues a check for $2,900 in payment of merchandise, identify the journal the transaction would be recorded in. A.Cash disbursements journal. B.Sales

115.If a company issues a check for $2,900 in payment of merchandise, identify the journal the transaction would be recorded in.

A.Cash disbursements journal.

B.Sales journal.

C.Cash receipts journal.

D.Purchases journal.

E.General journal.

116.Barrier Scuba Equipment purchased supplies costing $3,000 on credit. Identify the journal the transaction would be recorded in.

A.Cash disbursements journal.

B.Sales journal.

C.Cash receipts journal.

D.Purchases journal.

E.General journal.

117.If a company issues a check for $2,750 in payment of the salaries expense for the last half of the month, the transaction will be recorded in which journal?

A.Cash disbursements journal.

B.Sales journal.

C.Cash receipts journal.

D.Purchases journal.

E.General journal.

118.A company that reports segment information had average total assets of $1,522,450 and total net income of $590,700. Segment A had average total assets of $927,800 and segment operating income of $298,300. Segment B had average assets of $594,650 and segment operating income of $292,400. The segment return on assets for Segment A is:

A.60.9%.

B.32.2%.

C.50.5%.

D.38.8%.

E.49.2%.

119.A company that reports segment information had average total assets of $1,522,450 and total net income of $590,700. Segment A had average total assets of $927,800 and segment operating income of $298,300. Segment B had average assets of $594,650 and segment operating income of $292,400. The segment return on assets for Segment B is:

A.60.9%.

B.32.2%.

C.50.5%.

D.38.8%.

E.49.2%.

120.Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the sales transaction in its sales journal, Maxie's would enter:

A.$1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cost of Goods Sold Dr./Inventory Cr. column.

B.$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Accounts Payable Dr./Purchases Cr. column.

C.$2,600 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cash Cr. column.

D.$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

E.$1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Other Accounts column Dr. column.

121.Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie's would enter:

A.$2,600 in the Cash Dr. column and $2,600 in the Accounts Receivable Cr. column.

B.$2,574 in the Cash Dr. column and $2,574 in the Accounts Receivable Cr. column.

C.$2,574 in the Cash Dr. column, $26 in the Sales Discount Dr. column and $2,600 in the Accounts Receivable Cr. column.

D.$2,600 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cash Cr. column.

E.$2,600 in the Cash Dr. column. $2,600 in the Sales Cr. column, and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

122.Wildlife Wholesale Supply sold birdseed to a retailer for $860, receiving cash at the time of sale. The cost of the birdseed was $370. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter:

A.$860 in the Cash Dr. column and $860 in the Accounts Receivable Cr. column.

B.$370 in the Cash Dr. column and $370 in the Accounts Receivable Cr. column.

C.$860 in the Cash Dr. column; $860 in the Sales Cr. column; and $370 in the Other Accounts Cr. column.

D.$860 in the Accounts Receivable Dr. column, $860 in the Cash Cr. column; and $370 in the Cost of Goods Sold Dr./Inventory Cr. column.

E.$860 in the Cash Dr. column; $860 in the Sales Cr. column; and $370 in the Cost of Goods Sold Dr./Inventory Cr. column.

123.Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 2/10, n/30 for $15,300. When recording the purchase transaction in its purchases journal, Farthington would enter:

A.$15,300 in the Accounts Payable Cr. column and $15,300 in the Inventory Dr. column.

B.$15,300 in the Accounts Payable Cr. column and $15,300 in the Supplies Dr. column.

C.$15,300 in the Inventory Dr. column, $14,994 in the Accounts Payable Cr. column, and $306 in the Purchase Discount Cr. column.

D.$14,994 in the Inventory Dr. column and $14,994 in the Accounts Payable Cr. column.

E.$15,300 in the Other Accounts Dr. column and $15,000 in the Inventory Cr. column.

124.Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 2/10, n/30 for $15,300. When recording the payment transaction made within the discount period in its cash disbursement journal, Farthington would enter:

A.$15,300 in the Cash Cr. column and $15,300 in the Inventory Dr. column.

B.$15,300 in the Cash Cr. column and $15,300 in the Accounts Payable Dr. column.

C.$15,300 in the Inventory Cr. column; $14,994 in the Accounts Payable Dr. column; and $306 in the Inventory Cr. column.

D.$14,994 in the Accounts Payable Dr. column and $14,994 in the Cash Cr. column.

E.$15,300 in the Accounts Payable Dr. column; $14,994 in the Cash Cr. column; and $306 in the Inventory Cr. column.

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