4. Acme-Jones Corporation uses a weighted-average perpetual inventory system. The company has no beginning inventory. The following transactions occurred in August August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $14 per unit. August 29, 12 units were sold. What was the amount of the cost of goods sold for this sale? A) $148.00 B) $150.50. C) $158.40 D) $210.00. 5. An accounts payable ledger is: A) A subsidiary ledger that contains an account for each supplier (creditor). B) A list of the balances of all the accounts in the accounts receivable ledger that is added to show the total amount of accounts receivable outstanding. C) A book of original entry that is designed and used for recording only a specific type of transactions. D) The ledger that contains the financial statement accounts of a business. 6. Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal , and a general journal. A sales return on account would be recorded in the: A) Sales journal. B) General journal. C) Cash receipts journal. D) Accounts receivable ledger. 7. The entry necessary to establish a petty cash fund should include: A) A debit to Cash and a credit to Petty Cash. B) A debit to Cash and a credit to Cash Over and Short. C) A debit to Petty Cash and a credit to Cash. D) A debit to Petty Cash and a credit to Accounts Receivable. 8. The entry to record reimbursement of the petty cash fund for postage expense should include: A) A debit to Postage Expense. B) A debit to Petty Cash. C) A debit to Cash. D) A debit to Cash Short and Over. 9. A check that was outstanding on last period's bank reconciliation was not among the cancelled checks returned by the bank this period. As a result, in preparing this period's reconciliation, the amount of this check should be: A) Added to the book balance of cash. B) Deducted from the book balance of cash. c) Added to the bank balance of cash. D) Deducted from the bank balance of cash. 10. On May 29 of the current year, a company concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on this company's net income and total assets assuming the allowance method is used to account for bad debts? A) Decrease in net income; no effect on total assets. B) No effect on net income; no effect on total assets. C) Decrease in net income; decrease in total assets. D) Increase in net income; no effect on total assets 11. When a petty cash fund is in use: A) Expenses paid with petty cash are recorded when the fund is replenished. B) Petty Cash is debited when funds are replenished. C) Petty Cash is credited when funds are replenished. D) Expenses are not recorded. 12. Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: A) A debit to Cash for $377.50. B) A credit to Cash Over and Short for $5.00. c) A debit to Petty Cash for $382.50. D) A credit to Cash for $387.50