1.This firm uses the periodic system and there are 15 units left at the end of the year. What is the amount of ending MERCHANDISE INVENTORY at the end of the year using LIFO?

Beginning Inventory..............10 units at $60;

first purchase...................25 units at $63;

second purchase..................30 units at $64;

third purchase...................10 units at $70;

2.

When you receive the cash from a sale to a customer on Account within the discount period, you record it as the following:

Group of answer choices

Debit Cash, Credit AP

Debit to AR; Credit to Cash

Debit to Cash; Credit to AR

Debit to AP; Credit to Cash

3.

Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a:

Group of answer choices

Debit to Cash; Credit to Sales

Debit to AR; Credit to Sales

Debit to Cash; Credit to Credit Card Expense and Sales

Debit Credit Dard Expense; credit to Sales

4.

Which of the following accounts has a normal Debit Balance?

Group of answer choices

Sales

Estimated Returns Inventory

Accounts Payable

Interest Revenue

5.

If the seller is to pay all of the transportation costs of delivering merchandise to the customer (buyer), the delivery terms are stated as:

Group of answer choices

FOB shipping point

FOB destination

FOB n/30

FOB seller