which of the following is an example of a contra revenue account?

sales

merchandise inventory

sales discounts

accounts payable

$2$

$.$

$$LO

$6$

$.$

$1$

What accounts are used to recognize a retailer

$$

s purchase from a manufacturer on credit?

accounts receivable, merchandise inventory

accounts payable, merchandise inventory

accounts payable, cash

sales, accounts receivable

$3$

$.$

$$LO

$6$

$.$

$1$

Which of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are

$3$

$/$

$1$

$5$

$,$

$$n

$/$

$6$

$0$

$?$

$3$

$1$

$5$

$6$

$0$

$3$

$$and

$1$

$5$

$4$

$.$

$$LO

$6$

$.$

$1$

If a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction?

sales discount, cash

sales returns and allowances, cash

accounts receivable, sales discount

accounts receivable, sales returns and allowances

$5$

$.$

$$LO

$6$

$.$

$2$

Which of the following is a disadvantage of the perpetual inventory system?

Inventory information is in real

$-$

time.

Inventory is automatically updated.

It allows managers to make current decisions about purchases, stock, and sales.

It is cost

$-$

prohibitive.

$6$

$.$

$$LO

$6$

$.$

$2$

Which of the following is an advantage of the periodic inventory system?

frequent physical inventory counts

cost prohibitive

time consuming

real

$-$

time information for managers

$7$

$.$

$$LO

$6$

$.$

$2$

Which of the following is not a reason for the physical inventory count to differ from what is recognized on the company

$$

s books?

mismanagement

shrinkage

damage

sale of services to customers

$8$

$.$

$$LO

$6$

$.$

$2$

Which of the following is not included when computing Net Purchases?

purchase discounts

beginning inventory

purchase returns

purchase allowances

$9$

$.$

$$LO

$6$

$.$

$3$

Which of the following accounts are used when recording a purchase?

cash, merchandise inventory

accounts payable, merchandise inventory

A or B

cash, accounts payable

$1$

$0$

$.$

$$LO

$6$

$.$

$3$

A retailer pays on credit for $

$6$

$5$

$0$

$$worth of inventory, terms

$3$

$/$

$1$

$0$

$,$

$$n

$/$

$4$

$0$

$.$

$$If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer?

$

$1$

$9$

$.$

$5$

$0$

$

$6$

$3$

$0$

$.$

$5$

$0$

$

$6$

$5$

$0$

$

$1$

$9$

$5$

$1$

$1$

$.$

$$LO

$6$

$.$

$3$

A retailer returns $

$4$

$0$

$0$

$$worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer?

accounts payable, merchandise inventory

accounts payable, cash

cash, merchandise inventory

merchandise inventory, cost of goods sold

$1$

$2$

$.$

$$LO

$6$

$.$

$3$

A retailer obtains a purchase allowance from the manufacturer in the amount of $

$6$

$0$

$0$

$$for faulty inventory parts. Which of the following represents the journal entry for this transaction if the retailer has already remitted payment?

Accounts Payable debit of $

$6$

$0$

$0$

$$and Merchandise Inventory credit of $

$6$

$0$

$0$

$.$

Cash credit of $

$6$

$0$

$0$

$$and Merchandise Inventory credit of $

$6$

$0$

$0$

$.$

Accounts Payable debit of $

$6$

$0$

$0$

$$and credits to Merchandise Inventory of $

$1$

$0$

$$and Cash of $

$5$

$9$

$0$

$.$

$1$

$3$

$.$

$$LO

$6$

$.$

$4$

Which of the following accounts are used when recording the sales entry of a sale on credit?

merchandise inventory, cash

accounts receivable, merchandise inventory

accounts receivable, sales

sales, cost of goods sold

$1$

$4$

$.$

$$LO

$6$

$.$

$4$

A customer pays on credit for $

$1$

$,$

$2$

$5$

$0$

$$worth of merchandise, terms

$4$

$/$

$1$

$5$

$,$

$$n

$/$

$3$

$0$

$.$

$$If the customer pays within the discount window, how much will they remit in cash to the retailer?

$

$1$

$,$

$2$

$5$

$0$

$

$1$

$,$

$2$

$0$

$0$

$

$5$

$0$

$

$5$

$0$

$0$

$1$

$5$

$.$

$$LO

$6$

$.$

$4$

A customer returns $

$8$

$7$

$0$

$$worth of merchandise and receives a full refund. What accounts recognize this sales return

$($

disregarding the merchandise condition entry

$)$

$$if the return occurs before the customer remits payment to the retailer?

accounts receivable, sales returns and allowances

accounts receivable, cash

sales returns and allowances, merchandise inventory

accounts receivable, cost of goods sold