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can you solve this? 12. Which of the following accounts is not included in the computation of net sales? a. Sales Discounts b. Sales c.

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image text in transcribed 12. Which of the following accounts is not included in the computation of net sales? a. Sales Discounts b. Sales c. Sales Returns and Allowances d. Freight Out 13. Given the following information, compute the amount of cash finally remitted by the customer. a. b. c. d. Oct. 22Sale on credit, terms of 2/10, ni30$3,000 Oct. 27Allowance granted due to some items being damaged$300 Oct. 31Payment in full received from customer$? 2,646. 3,000. $2,640. $2,814. 14. The Sales Returns and Allowances account is classied as a(n) a. b. c. d. asset account. contra asset account. expense account. contra revenue account. 15. The balance of a control account in the general ledger a. b. C. d. must always be zero. must equal the amount of total assets. is always greater than the composite balance of individual accounts in a related subsidiary ledger. must equal the balance of all individual accounts in a related subsidiary ledger. 16. Which accounts in the general ledger are affected when the monthly posting is made from the sales journal? a. Accounts Receivable; accounts receivable subsidiary accounts b. Accounts Receivable subsidiary accounts; Sales C. Accounts Receivable; Sales d. Accounts Receivable; Purchases 17. If a transaction cannot be recorded in a special journal, it is a. b. c. d. not recorded. a correcting entry. recorded in the general journal. an error. 18. A purchases journal is used to record a. only cash purchases of merchandise. b. purchases of all assets on credit and for cash. c. only credit purchases of merchandise. d. credit purchases of all assets. 19. As an incentive for customers to pay their accounts promptly, a business may offer its customers a. 9.0.6 a sales discount. free delivery. a sales allowance. a sales return. 20. Which of the following is a true statement about manual and electronic accou nting systems? a. b. c. d. Few small companies begin with manual systems. The design and structure of manual and electronic systems are essentially the same. Many companies convert from electronic to manual systems. The design and structure of manual and electronic systems are fundamentally different

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