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Reading Question 12 O out of 2 points Merchandise with an invoice price of $6,000 is purchased on September 2 subject to terms of 1/10, n/30, FOB destination. Freight costs paid by the seller totaled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken? Question 13 2 out of 2 points The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be Question 14 O out of 2 points In credit terms of 2/10, n/30, the "2" represents the Question 15 O out of 2 points When the perpetual inventory system is used, the inventory sold is debited to Question 16 2 out of 2 points Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a Question 17 2 out of 2 points Sales to customers who use bank credit cards, such as MasterCard and Visa, are generally treated as O out of 2 points Question 18 Inventory shrinkage is recorded when Question 21 O out of 2 points Calculate the gross profit for Jefferson Company based on the following: $764,000 Sales 42,500 Selling Expenses 538,000 Cost of Merchandise Sold Question 22 2 out of 2 points When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit Question 23 O out of 2 points Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise. Under a perpetual inventory system, which of the following joumal entry ies) would be recorded? Question 24 0 out of 2 points The entries to record the return of merchandise from a customer would include a Question 25 O out of 2 points The Corbit Corp. sold merchandise for $10,000 cash. The cost of the merchandise sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be Question 26 O out of 2 points When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry? O out of 2 points Question 27 When comparing a retail business to a service business, the financial statement that changes the most is the O out of 2 points Question 28 If the seller is to pay the freight costs of delivering merchandise, the delivery terms are stated as O out of 2 points Question 29 If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as 2 out of 2 points Question 30 If merchandise sells for $3,500, with terms of 3/15, n/45 and the cost of the inventory sold is $2,100, the amount charged to sales is Sunday, July 11, 2021 3:58:00 PM CDT