Question :
61.During March a firm purchased $22,650 of merchandise and paid : 1220600
61.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.$970
C.$2,470
D.$3,440
62.During the year, a firm purchased $256,200 of merchandise and paid freight charges of $41,720. If the total purchases returns and allowances were $15,790 and purchase discounts were $8,250 for the year, what is the net delivered cost of purchases?
A.$297,920
B.$273,880
C.$321,960
D.$190,440
63.During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the total purchases returns and allowances were $6,495 and purchase discounts were $2,050 for the year, what is the net delivered cost of purchases?
A.$61,105
B.$69,650
C.$72,349
D.$35,745
64.On Oct. 1, Jerry’s Lighting purchased merchandise with a list price of $5,000 with credit terms of 1/10, n/30. On Oct. 3, Jerry’s returns $500 of the merchandise. Assuming a perpetual inventory system is used and Jerry’s pays the remaining amount owed on the purchase within the discount period, Jerry’s journal entry to record the payment, would include
A.a debit to Accounts Receivable for $4,500.
B.a debit to Accounts Payable for $4,500.
C.a credit to Purchase Discounts for $45.
D.a debit to Merchandise Inventory for $45.
65.On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, their journal entry on April 5, to record the purchase, would include
A.a debit to Purchases for $1,000.
B.a debit to Accounts Payable for $1,000.
C.a debit to Merchandise Inventory for $1,000.
D.a credit to Merchandise Inventory for $16.
66.On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 13, to record the payment of the amount owed, would be:
A.Option A.
B.Option B.
C.Option C.
D.Option D.
67.On April 5, Fair Coffee, Inc. purchased merchandise with a list price of $1,000 and credit terms 2/10, n/30. On April 6, Fair Coffee returns $200 of the merchandise. Assuming Fair Coffee uses a perpetual inventory system, the journal entry on April 6, to record the return, would be:
A.Option A.
B.Option B.
C.Option C.
D.Option D.
68.On Feb. 16, Gourmet Cakes purchased $20,000 of merchandise on account from JB Baking. Credit terms of the purchase were 2/10, n/30. On Feb. 24, Gourmet Cakes pays the amount owed Assuming Gourmet Cakes uses a perpetual inventory system, the journal entry on Feb. 24, to record the payment, would be:
A.Option A.
B.Option B.
C.Option C.
D.Option D.
69.On Jan. 3, Gourmet Cakes sold $15,000 of merchandise, on account with terms 2/10, n/30, to Jerry Hines. Assuming that the original cost of the merchandise to Gourmet Cakes was $4,000 and the perpetual inventory system is used, the journal entry on Jan. 3, to record the sale, would be:
A.Option A.
B.Option B.
C.Option C.
D.Option D.
70.On Jan. 3, Gourmet Cakes sold $15,000 of merchandise on account to Jerry Hines. On Jan. 10, Jerry returned $2,000 of the merchandise because they bought too much. Assuming the cost of the returned merchandise to Gourmet Cakes was $500 and they use a perpetual inventory system, the journal entry on Jan. 10, to record the return of the merchandise from Jerry Hines, would be:
A.Option A.
B.Option B.
C.Option C.
D.Option D.
