X Question 1 (2 points) Recording a cash sale requires a) one one entry that includes a debit to Cash. b) only one entry that includes a credit to Inventory. c) two entries, one which includes a debit to Accounts Receivable. d) two entries, one which includes a debit to Cost of Goods Sold (COGS). Question 2 (2 points) The entries to record a cash sale require all of the following except a) a debit to Accounts Receivable. b) a credit to Inventory. c) a debit to Cash. d) a debit to Cost of Goods Sold. Question 3 (2 points) Bennie's Polish Palace had credit card sales of $2,000 with cost of goods sold of $800, and cash sales of $1,000 with cost of goods sold of $400. Operating expenses were $1,000 What is Bennie's gross profit? a) $600. b) $800. c) $1,200. d) $1,800. Question 4 (2 points) Which is not one of the three parties involved when national credit cards are used in retail sales? a) Supplier b) Credit Card Issuer c) Retailer d) Customer Question 5 (2 points) Josh Borke buys $700 of sports equipment from Get Moving Sports using his VISA Chase Credit Card. Chase charges a service fee of 3%. Get Moving Sports' journal entry includes a a) debit to Cash of $700. b) credit to Sales Revenue for $679. c) debit to Accounts Receivable of $679. d) debit to Service Charge Expense $21. Question 6 (2 points) If the seller pays freight charges (FOB Destination) to have goods delivered to a customer, it would a) debit the amount to Inventory. b) credit the amount to Inventory. c) debit the amount to Cost of Goods Sold. Od debit the amount to Freight-Out or Delivery Expense