View Policies Current Attempt in Progress During its December 31, 2021 year-end inventory count, Sunland LTD. failed to count items in transit to which it had legal title. As a result of this error, ending inventory was understated by $31100. As a result of this error, 2021 cost of goods sold will be O understated by $31100. O overstated by $31100. O correct. O greater when weighted average cost is used. Save for Later Attempts: 0 of 1 used Submit Answer Question 4 --/2 View Policies Current Attempt in Progress Waterway Inc. uses the perpetual inventory system and the weighted average cost formula to value inventories. On August 1, there were 4000 units valued at $14000 in the beginning inventory. On August 10, 6000 units were purchased for $5 per unit. On August 15, 7000 units were sold for $10 per unit. The amount charged to cost of goods on August 15 was $29000. O $30800. O $35000. $22750. View Policies Current Attempt in Progress A company buys merchandise costing $24500 with terms of 2/15 n/30. The entry to the Merchandise Inventory account, assuming the discount is taken, will be O $0. O $245. O $450. O $490. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Using a perpetual inventory system, if Novak Harness Shop accounting records show an ending inventory balance of $43600 and a physical count shows a balance of $45600, it is necessary to O credit Purchase Returns and Allowances. Odebit its inventory records to adjust to actual. O purchase additional inventory. O credit sales. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Using a perpetual inventory system, if Swifty's accounting records show an ending inventory balance of $25900 and a physical count shows a balance of $23900, it is necessary to O credit Cost of Goods Sold. O purchase additional inventory. O remove the nonexistent inventory from its records. O debit its inventory records. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Swifty Company recently made a $9600 purchase from a major supplier. Shipping costs were $170, terms FOB shipping point. To record this purchase, Swifty Company will need to debit the Cost of Goods Sold account for $170. O Merchandise Inventory account for $9770. Cost of Goods Sold account for $9770. O Merchandise Inventory account for $9600. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress The Novak Hut paid $18600 for a one-year insurance policy on January 1 and recorded the entire amount as prepaid insurance. Before preparing its March 31 financial statements the company should make which of the following adjusting entries? O debit Cash, $9300; credit Prepaid Insurance, $9300. O debit Prepaid Insurance, $13950; credit Insurance Expense, $13950. O debit Cash, $18600; credit Insurance Expense, $18600. O debit Insurance Expense, $4650 credit Prepaid Insurance $4650. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress The Bonita Bakery purchased $6450 worth of baking supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the baking supplies indicated only $3170 on hand. The adjusting entry that should be made by the company on June 30 is O debit Baking Supplies, $3280; credit Baking Supplies Expense, $3280. O debit Baking Supplies Expense, $3170; credit Baking Supplies, $3170. O debit Baking Supplies Expense, $3280; credit Baking Supplies, $3170. debit Baking Supplies Expense, $3280; credit Baking Supplies, $3280. Safet Current Attempt in Progress During 2021, Oriole's sales increased by 21.5%. If accounts receivable increased by 42.0%, this may indicate that O the company's collections have improved. O the company may be increasing sales by loosening its credit policies. O the company's collection policies have become more aggressive. O the company's management is focusing on cash sales. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Vaughn Construction Co. receives a note receivable from Blue Spruce Plastics Inc. as settlement of an overdue account receivable. The note is for three months and bears an annual interest rate of 12%. The original accounts receivable balance was $1500. At the end of the three-month period, Vaughn Construction Co. will pay Blue Spruce Plastics Inc. O $180 O $1680. O $45. $1545. Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress During the current year, Oriole Co. determined that Sheridan's $3300 account receivable was uncollectible and should be written off. Which of the following best describes the impact of this write off on the current year's income statement and balance sheet? decrease in net income and no effect on total assets decrease in net income and decrease in total assets O no effect on net income and decrease in total assets O no effect on net income and no effect on total assets Save for Later Attempts: 0 of 1 used Submit Answer View Policies Current Attempt in Progress Sheridan Supplies has an established petty cash fund of $103. At the replenish date of June 20, the petty cash fund has $12 cash and receipts for postage $28, office supplies $21, and miscellaneous $27. Sheridan also decided at the replenish date to increase the petty cash fund by $28 to a total fund of $131. What would be the required debit to Petty Cash in the combined replenish entry on June 20? O $0 O $91 O $119 O $28 Save for Later Attempts: 0 of 1 used Submit Answer Question 15 --/2 View Policies Current Attempt in Progress If a cheque correctly written and paid by the bank for $557 is incorrectly recorded on the company's books for $575, the appropriate treatment on the bank reconciliation would be to O add $18 to the book's balance. O deduct $557 from the book's balance. O add $18 to the bank's balance. O deduct $18 from the bank's balance. Save for Later Attempts: 0 of 1 used Submit Answer View PUNCIES Current Attempt in Progress During its December 31, 2021 year-end inventory count, Sunland LTD. failed to count items in transit to which it had legal title. As a result of this error, ending inventory was understated by $31100. As a result of this error, 2021 cost of goods sold will be O understated by $31100. O overstated by $31100. O correct. O greater when weighted average cost is used. Save for Later Attempts: 0 of 1 used Submit