#50

50. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Inventory c. Sales d. Interest Revenue 51. Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a cus the amount of sales discount allowable? a. $260 b.$500 c. $460 d. $150 52. When merchandise purchased on account is returned under the perpetual inventory system a. Inventory b. Purchases Returns and Allowances c. Accounts Payable d. Accounts Receivable 53. If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stateda a. FOB shipping point b. FOB destination c. FOB n/30 d. FOB buyer 54. If title to merchandise purchases passes to the buyer when the goods are delivered to the b a. consigned b.n/30 c.FOB shipping point d. FOB destination 55. Using the following information, what is the cost of goods sold? 32,000Selling expense September 30 pense1,200 Interest expense Inventory September 1 5,700 Inventory, 6,37 Administrative expense 910 Sales 63,0 1,0 Rentrevenue1200 a. $32,400 b.$32,670 c. $31,330 d. $38,370