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Help Clearer Picture MULTIPLE CHOICE QUESTIONS (40 Points) Write the correct answer on the answer sheet provided 1 2 A business for the indicates a
Help Clearer Picture MULTIPLE CHOICE QUESTIONS (40 Points) Write the correct answer on the answer sheet provided 1 2 A business for the indicates a department request to purchase is A purchase requisition Apurchase order A Receiving Report A Check Request A business from that indicates a departimento storoval to purchase soples : A purchase requisition Apurchase order A Receiving Report A Check Request The account used to record the cost of hipong merchandises Merchandise inventory Cost of goods sole Freight in d Shipping expense 3 When a business retums goods to the seller. they need to debe the purchase the subsidiary ledger for that supplier accounts payable and the subsidiary leder for that supplier the purchases account and the accounts payable account Purchase discounts are calculated based on 5 cost of purchases any returns and allows e cost of purchases less and returns and allowances plus freight cost of purchases freight in 6 A company's Net Sales is $120.000. Cost of Goods Sold is $37.000. Selling expenses are 525.000. Administrative Expenses are $29.000. and Interest Income is $3,000. How much is net income from operations? $89.000 $123.000 d. 7 A post closing trial balance is best prepared from the general ledger the general journal the financial statements the worksheet If an adjusting entry was made to record the December unpaid portion of alanes expense of $770, the reversing entry would be a dobil salaries expense and credit salaries payable debitore expense and credit income summary cebit salaries payable and credit salaries expense debit income summary and credit salaries expense A reversing entry could be used for adjusting entries for salaries payable adjusting entries for prepaid insurance custing entries for recorded revenue adjusting entries for neared revenue 9. 10 The total of the counts receivabledge should equal the sales on account for the month less the cash received by the credit customers the sales on accountless the sales discounts taken the sales on accountless the sales retums and allowances the sales on account the discounts and retums and was taken less the cash received by the credit customers MULTIPLE CHOICE QUESTIONS (40 Points) Write the correct answer on the answer sheet provided 1. a. b. A business form that indicates a departments' request to purchase supplies is: A purchase requisition A purchase order A Receiving Report A Check Request c. d. 2. a b. A business form that indicates a departments' approval to purchase supplies is: A purchase requisition A purchase order A Receiving Report A Check Request c. d. 3 a. The account used to record the cost of shipping merchandise is Merchandise inventory b. Cost of goods sold Freight in d. Shipping expense c. 4. a. b. When a business returns goods to the seller, they need to debit the purchases account the subsidiary ledger for that supplier accounts payable and the subsidiary ledger for that supplier the purchases account and the accounts payable account. C. d. 5. a. b. Purchase discounts are calculated based on cost of purchase cost of purchase less any returns and allowances cost of purchases less and returns and allowances plus freight-in d. cost of purchases less freight in c. 6. a. A company's Net Sales is $120,000; Cost of Goods Sold is $37,000; Selling expenses are $25,000; Administrative Expenses are $29,000; and Interest Income is $3,000. How much is net income from operations? $29,000 $32,000 $83,000 $123,000 b. C. d. 7 a. A post closing trial balance is best prepared from the general ledger b. the general journal the financial statements d. the worksheet C. 8 If an adjusting entry was made to record the December unpaid portion of salaries expense of $770, the reversing entry would be: a. debit salaries expense and credit salaries payable b. debit salaries expense and credit income summary debit salaries payable and credit salaries expense d. debit income summary and credit salaries expense c. 9. a. b. A reversing entry could be used for adjusting entries for salaries payable adjusting entries for prepaid insurance adjusting entries for unrecorded revenue adjusting entries for unearned revenue C. d. 10. a. b. The total of the accounts receivable subsidiary ledger should equal the sales on account for the month less the cash received by the credit customers the sales on account less the sales discounts taken the sales on account less the sales returns and allowances the sales on account less the discounts and returns and allowances taken less the cash received by the credit customers C d
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