YULLVEI PUIS When the sales department needs merchandise, it sends the purchasing department a form called O a purchase invoice. a purchase order. O a purchase requisition. a sales invoice. Question 2 (1 point) After a vendor (supplier) of merchandise is selected, the purchasing department issues a form called a purchase invoice O a purchase order a sales invoice a purchase requisition Freight charges, paid by the buyer on merchandise purchases should be debited to the Purchases account the Freight-In account the Accounts Payable account the vendor's (suppliers) account in the subsidiary ledger Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as O A) 10% discount if paid within 2 days; otherwise the total balance due in 30 days OB) 2% discount if paid within 30 days; otherwise the total balance is due in 30 days OC) 2% discount if paid within 10 days; otherwise the total balance is due in 10 days D) 2% discount if paid within 10 days; otherwise the total balance is due in 30 days Question 7 (1 point) The entry to record a purchase of merchandise on credit includes O a debit to Purchases and a credit to Accounts Receivable a debit to Accounts Receivable and a credit to Purchases a debit to Purchases and a credit to Accounts Payable N a debit to Accounts Payable and a credit to Purchases Question 8 (1 point) The entry to record a return of merchandise purchased on credit includes a debit to Purchase Returns & Allowances and a credit to Accounts Receivable a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances Question 7 11 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash a debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash a debit to Purchases, a credit to Purchase Discounts and a credit to Cash Question 10 (1 point) A company has purchases of $16,200, freight charges of $300, and purchase returns and allowances of $1,100 during the period. The net delivered cost of purchases was $15,400 $17.600 $16,600 $14,800 Question 1 (1 point) Saved When the sales department needs merchandise, it sends the purchasing department a form called O a purchase invoice. O a purchase order. O a purchase requisition. O a sales invoice Question 2 (1 point) After a vendor (supplier) of merchandise is selected, the purchasing department issues a form called O a purchase invoice O a purchase order O a sales invoice O a purchase requisition Question 3 (1 point) The Purchases account is OA) a permanent account. OB) a temporary account O C) an asset account. O D) a liability account. Question 4 (1 point) Assuming a periodic inventory system is used, the cost of merchadise purchased for resale is OA) debited to Merchandise Inventory. OB) credited to Merchandise Inventory. C) debited to Purchases. OD) credited to Purchases. Question 5 (1 point) Freight charges, paid by the buyer on merchandise purchases should be debited to the Purchases account the Freight-In account the Accounts Payable account the vendor's (suppliers) account in the subsidiary ledger Question 6 (1 point) Credit terms of 2/10, n/30 are interpreted as OA) 10% discount if paid within 2 days; otherwise the total balance due in 30 days O B) 2% discount if paid within 30 days; otherwise the total balance is due in 30 days C) 2% discount if paid within 10 days; otherwise the total balance is due in 10 days O D) 2% discount if paid within 10 days; otherwise the total balance is due in 30 days Question 7 (1 point) The entry to record a purchase of merchandise on credit includes a debit to Purchases and a credit to Accounts Receivable O a debit to Accounts Receivable and a credit to Purchases a debit to Purchases and a credit to Accounts Payable a debit to Accounts Payable and a credit to Purchases Question 8 (1 point) The entry to record a return of merchandise purchased on credit includes O a debit to Purchase Returns & Allowances and a credit to Accounts Receivable O a debit to Purchase Returns & Allowances and a credit to Purchases a debit to Accounts Payable and a credit to Purchase Returns & Allowances a debit to Purchases and a credit to Purchase Returns & Allowances Question 9 (1 point) The entry to record the payment of a purchase invoice when a cash discount is taken includes a debit to Accounts Payable, a credit to Purchase Discounts and a credit to Cash a debit to Accounts Payable, a debit to Purchase Discounts and a credit to Cash a debit to Accounts Payable and a credit to Cash a debit to Purchases, a credit to Purchase Discounts and a credit to Cash Question 10 (1 point) A company has purchases of $16,200, freight charges of $300, and purchase returns and allowances of $1,100 during the period. The net delivered cost of purchases was $15,400 $17,600 $16,600 O$14,800 Question 11 (1 point) Nadel Inc. purchased $1,800 of merchandise on credit on December 5th. On December 7th, it returned $200 worth of merchandise. On December 8th, Nadel paid the balance in full, taking a cash discount of 2%. What is the amount of the cash payment by Nadel on December 8th? $1,600.00 O$,1800.00 $1,564.00 $1,568.00 Question 12 (1 point) The total cost of merchandise purchased for a period is presented in O A) the Liabilities section of the Balance Sheet. OB) the Revenue section of the Income Statement. OC) the Cost of Goods Sold section of the Income Statement. D) the Operating Expense section of the Income Statement. Question 13 (1 point) A trade discount is a reduction in price for prompt payment a reduction in price from the list or catalog price the net price paid after discounts also called a rebate Question 14 (1 point) Which of the following statements is correct? OA) A cash discount means the same as a trade discount. OB) Freight charges and Purchase Returns & Allowances are deducted from Purchases in computing the Net Delivered Cost of Purchases. OC) The Purchase account is reported as an asset on the balance sheet. O D ) Purchase discounts is as a contra-cost/contra-expense account. Question 15 (1 point) In the Accounts Payable Subsidiary Ledger for ABC Co., a vendor's account had a $1,600 beginning balance. During the month, ABC purchased merchandise from the vendor totaling $1,200 and made payments on account of $500. What is the balance of the vendor's account at the end of the month? $900 credit $900 debit $2,300 credit $2,300 debit