accounting questions

the last question is 18.

2020.10.12. 9H5: MidTerm Exam Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,300 for $6,600 to a customer on account. The terms of the sale were 2/1 0, n/30. What account and amount would we debit to record the sales revenue for this transaction? 0 sales revenue, $6,600 0 accounts receivable, $6,600 0 cost of goods sold, $3,300 0 merchandise inventory, $3,300 Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we debit to record the cost of goods sold for this transaction? 0 sales revenue, $6,500 0 merchandise inventory, $3,000 0 cost of goods sold, $3,000 0 accounts receivable, $6,500 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 11/19 2020.10.12. 9H5: MidTerm Exam Sale on August 21 150 units I What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? 0 $4,900 0 $5,950 0 $10,950 0 $12,000 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at $75 per unit Purchase on February 14 100 units at $80 per unit Sale on August 21 150 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method? 0 $4,000 0 $3,750 0 $11,500 0 $11,750 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 12l19 2020.10.12. 9H5: MidTerm Exam Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at $75 per unit Purchase on February 14 100 units at $80 per unit Sale on August 21 150 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, rst out (FIFO) method? 0 $4,000 0 $3,750 0 $11,500 0 $11,750 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 150 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, rst in, first out (FIFO) method? https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 13/19 2020.10.12. 9H5: MidTerm Exam 0 $4,900 0 $5,950 0 $10,950 0 $12,000 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? 0 $9,900 0 $7,000 0 $9,218 0 $7,682 Our company had the following balances and transactions during the current year related to merchandise inventory. https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 14/19 2020. 10. 12. FIX: Mid-Term Exam Beginning merchandise inventory on January 1 120 units at $70 per unit Purchase on February 14 100 units at $85 per unit Sale on August 21 120 units What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method? O $7,000 O $7,682 O $9,218 O $9,900 D JE 26 Our company signed a 60-day 6% note for $20,000. Using a 360-day year, what is the total interest due on the maturity date? O $100 O $200 O $400 O $1,200 D JE 27 Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the direct write-off method. Which of the following accounts would we debit to record the write-off? https://psu.instructure.com/courses/2072678/quizzes/39359 15/192020.10.12. 9H5: MidTerm Exam 0 accounts receivable O allowance for doubtful accounts 0 bad debt expense 0 cash Our company uses the percentage of sales method to estimate bad debt expense for the year. Our allowance for bad debts account has a credit balance of $1,000 prior to the adjusting entry for bad debt expense. We have estimated that 2% of net credit sales will be uncollectible for the current year. Net credit sales for the year totaled $200,000. What amount will be debited to bad debt expense when we record the adjusting entry? 0 $3,000 0 $4,000 0 $5,000 0 $6,000 D EE 29 1E1 Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000; allowance for bad debts, debit balance of $1 ,000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What will be the balance in allowance for bad debts after the adjusting entry is recorded? 0 $4,000 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 16/19 2020. 10. 12. F X: Mid-Term Exam O $4,250 O $5,250 O $6,250 D JE 30 The two methods used to estimate bad debt are: O FIFO and LIFO O allowance method and double-declining balance method O allowance method and direct write-off method O direct write-off method and units of production method D 2 31 On January 1, our company purchased a truck for $85,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $5,000. What is the depreciation expense for the second year of use if we use the straight-line method? O $40,000 O $22,250 O $20,000 O $37,500 D JE 32 https://psu.instructure.com/courses/2072678/quizzes/3935972/take 17/192020.10.12. 9H5: MidTerm Exam Use the following information to answer these questions. On January 1, our company purchased a truck for $95,000. The estimated useful life of the truck is 5 years. The residual value at the end of 5 years is estimated to be $15,000. What is the depreciation expense for the second year of use if we use the double- declining balance method? [HEll] v What is the balance in accumulated depreciation at the end of the second year of use if we use the double-declining balance method? [HEll] v What is the book value at the end of the second year of use if we use the double- declining balance method? [HEll] v Tel-E- 33 1E On January 1 of the current year (Year 1), our company acquired a truck for $75,000. The estimated useful life of the truck is 5 years or 100,000 miles. The residual value at the end of 5 years is estimated to be $5,000. The actual mileage for the truck was 22,000 miles in Year 1 and 27,000 miles in Year 2. What is the depreciation expense for the second year of use (Year 2) if we use the units of production method? 0 $14,000 0 $15,400 0 $16,800 0 $18,900 https:l/psu .instructure.com/courses/2072678lquizzes/3935972/ta ke 18/19