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Question. The Inventory account appears on the:A) balance sheet.B) statement of retained earnings.C) income statement.D) list of liabilities2. 2. When merchandise is purchased on account under the perpetual inventory system, the journal entry is:A) debit Purchases and credit Accounts Payable.B) debit Accounts Payable and credit Inventory.C) debit Inventory and credit Accounts Payable.D) debit Accounts Payable and credit Purchases3. Under the perpetual inventory method, the account to which purchased goods are recorded is:A) Purchases as a credit.B) Inventory as a debit.C) Cost of Goods Sold as a debit.D) Purchases as a debit.4. The account in which the revenue earned from the sale of merchandise is entered is:A) Retained earnings.B) Sales.C) Cash.D) Inventory.5. When a retailer sells merchandise on account, the general entry for the sale would be:A) debiting Accounts Receivable and crediting Sales.B) debiting Accounts Receivable and crediting Inventory.C) debiting Accounts Receivable and crediting Cost of Goods Sold.D) debiting Cost of Goods Sold and crediting Sales6. The entry to record the company?s cost of selling merchandise under a perpetual inventory system would be a:A) debit to Accounts Receivable and a credit to Sales.B) debit to Inventory and a credit to Cost of Goods Sold.C) debit to Cost of Goods Sold and a credit to Inventory.D) debit to Cost of Goods Sold and a credit to Sales.7. Alpha Company received an invoice from Beta Company for $5,550 with terms of 3/10, n/45 on March 8. If Alpha pays the bill on March 15, they will credit inventory under a perpetual inventory system for:A) $ 0.B) $ 555.00C) $ 166.50D) $5550.008. ABC Corporation pays an invoice for $350 in time to take a 3% discount. The journal entry to record the payment of this invoice is:A) debit Accounts Payable $350;credit Cash $350.B) debit Accounts Payable $340;credit Cash $340.C) debit Accounts Payable $340, debit Inventory $10;credit Cash for $350.D) debit Accounts Payable $350;credit Inventory $10.50, credit Cash for $339.50.9. The amount of an invoice is $1000, with terms 2/10, n30. The amount to be paid within the discount period is:A) $1,000B) $ 980C) $ 900D) $ 70010.Taylor Corporation purchased merchandise from Brandon Corporation for cash. The journal entry for Taylor Corporation under a perpetual inventory system will be:A) debit Inventory;credit Cash.B) debit Cash;credit Inventory.C) debit Inventory;credit Accounts Payable-Brandon Corporation.D) debit Inventory;credit Accounts Receivable-Taylor Corporation

 

Paper#43554 | Written in 18-Jul-2015

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