Kershaw does not maintain perpetual inventory records. According to a physical count,

900 units were on hand at January 31.

a

b.

C.

d

The cost of the inventory at January 31, under the FIFO method is:

2.400.

16.200.

18,600.

19.200.

A sales journal is used to record

a.

b.

C.

d.

only cash sales of merchandise.

sales of all assets on credit and for cash.

only credit sales of merchandise.

credit sales of merchandise, sales returns and allowances, and sales discounts.

12.

If a transaction cannot be recorded in a special journal

a. the company must refuse to enter into the transaction.

b.

it is recorded in the general journal.

C.

it is recorded directly in the accounts in the general ledger.

d. it is recorded as an adjustment on the work sheet.

13.

The one characteristic that all entries recorded in a cash receipts journal have ir

is

2.

a credit to the Cash account.

b.

that they all represent collections from customers.

C.

that they originate from the sales of merchandise.

d. a debit to the Cash account.

14.

A one column purchases journal indicates that

a.

only purchases of merchandise on account can be recorded.

b.

all purchases of merchandise can be recorded.

C.

all acquisitions on account can be recorded.

o

another column must be added so that debits and credits can

15 Principles of Accounting II (ACC 220): Replacement Exam Purchases Sales Date Jan. 14 900 @ 28 17 600 @ 20 25 600 @ 22 600 @ 32 29 Kershaw does not maintain perpetual inventory records. According to a physical count, 900 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: a. 2,400. b. 16,200. C. 18,600. d. 19,200. A sales journal is used to record a. only cash sales of merchandise. b. sales of all assets on credit and for cash. c. only credit sales of merchandise. d. credit sales of merchandise, sales returns and allowances, and sales discounts. If a transaction cannot be recorded in a special journal a. the company must refuse to enter into the transaction. b. it is recorded in the general journal. c. it is recorded directly in the accounts in the general ledger. d. it is recorded as an adjustment on the work sheet. 13. The one characteristic that all entries recorded in a cash receipts journal have im is a. a credit to the Cash account. b. that they all represent collections from customers. c. that they originate from the sales of merchandise. d. a debit to the Cash account. 14. A one column purchases journal indicates that a. only purchases of merchandise on account can be recorded. b. all purchases of merchandise can be recorded. c. all acquisitions on account can be recorded. d. another column must be added so that debits and credits can be re- The one characteristic that all entries recorded in a multi-column pu 11. 12