Question : 53. The journal entry to record the purchase of merchandise account : 1197874

Accounting

53. The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is:

A. debit Purchases $2,750; credit Accounts Payable $2,750

B. debit Accounts Payable $2,875, debit Freight in $125; credit Purchases $2,750

C. debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875

D. debit Accounts Receivable $2,875; credit Sales $2,875

54. Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio $4,856 as of November 1. During November Tune Tones purchased merchandise from Mandy Lynn totaling $8,495 and made payments on account to Mandy Lynn in the amount of $7,250. The amount Tune Tones owes Mandy Lynn on November 30 is:

A. $6,101

B. $3,611

C. $10,889

D. $7,250

55. A creditor’s account in the accounts payable ledger has a balance of $10,560 as of April 1. After a transaction of $12,800 is posted from the purchases journal and a transaction of $9,200 is posted from the cash payments journal, the balance of the creditor’s account on April 30 is:

A. $9,200 debit

B. $6,960 credit

C. $14,160 credit

D. $12,800 debit

56. If a business pays $1,100 on account to a creditor, the effect of the payment is a decrease to cash and a

A. decrease to Fees Income

B. increase of capital

C. increase to accounts receivable

D. decrease to accounts payable

57. Check marks next to the individual amounts in the purchases journal mean that the amounts

A. have been posted to the general ledger.

B. have been posted to the accounts payable subsidiary ledger.

C. have been posted to the accounts receivable subsidiary ledger.

D. do not need to be posted to any account.

58. Postings to the accounts payable ledger should be made

A. daily.

B. weekly.

C. monthly.

D. at the end of the fiscal period.

59. A creditor’s account in the accounts payable ledger has a $1,600 beginning balance. After a transaction for $700 is posted from the purchases journal, the balance of the creditor’s account is

A. $2,300 debit.

B. $900 credit.

C. $2,300 credit.

D. $900 debit.

60. To record a return of merchandise purchased on credit on the books of the buyer, the accountant would

A. debit Purchases Returns and Allowances and credit Accounts Receivable.

B. debit Purchases Returns and Allowances and credit Purchases.

C. debit Accounts Payable and credit Purchases Returns and Allowances.

D. debit Purchases and credit Purchases Returns and Allowances.

61. Hugh Snow returned merchandise to Farley Co. The entry on Hugh Snow’s books to record the return of merchandise to Farley Co. would include a:

A. Debit Accounts Payable

B. Credit to Purchase Returns and Allowances

C. Debit to Account Receivable

D. Debit Sales Returns and Allowances

62. The total of the balances in the individual creditor’s accounts should agree with the balance of

A. the Purchases account in the general ledger.

B. the Accounts Receivable account in the general ledger.

C. the Accounts Payable account in the general ledger.

D. the Sales account in the general ledger.

63. The amount of the purchases for a period is presented in

A. the Liabilities section of the balance sheet.

B. the Revenue section of the income statement.

C. the Cost of Goods Sold section of the income statement.

D. the Expenses section of the income statement.

64. A firm had purchases of $16,200, freight charges of $300, and purchases returns and allowances of $1,100 during one month. Its net delivered cost of purchases was

A. $14,800.

B. $17,600.

C. $16,200.

D. $15,400.

65. During March a firm purchased $22,650 of merchandise and paid freight charges of $1,720. If the net delivered cost of purchases for the March is $21,900, what is the total purchase returns for March?

A. $0

B. $2,470

C. $970

D. $3,440

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.