Question :
106.Sales less sales discounts less sales returns and allowances equals:
A.Net : 1236899
106.Sales less sales discounts less sales returns and allowances equals:
A.Net purchases.
B.Cost of goods sold.
C.Net sales.
D.Gross profit.
E.Net income.
107.Garza Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Garza Company’s net sales equals:
A.$5,200.
B.$129,800.
C.$133,000.
D.$135,000.
E.$140,200.
108.On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system. The journal entry or entries that Shilling will make on May 1 is:
A.Sales5,800
B.Sales5,800
C.Accounts receivable5,800
D.Accounts receivable5,800
E.Accounts receivable4,000
109.On May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anders uses the perpetual inventory system. The journal entry or entries that Anders will make on May 1 is:
A.Sales5,800
B.Merchandise Inventory5,800
C.Accounts payable5,800
D.Merchandise inventory5,800
E.Purchases5,800
110.On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Smart uses the perpetual inventory system. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
A.Cash5,800
B.Cash4,000
C.Cash3,920
D.Cash5,684
E.Cash5,684
111.On July 1, Ferguson Company sold merchandise in the amount of $5,800 to Tracey Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ferguson uses the perpetual inventory system. On July 5, Tracey returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5 is:
A.Sales returns and allowances500
B.Sales returns and allowances500
C.Accounts receivable500
D.Accounts receivable500
E.Sales returns and allowances350
112.Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The amount of the cash paid on August 16 equals:
A.$8,167.50.
B.$9,652.50.
C.$9,750.00.
D.$8,250.00.
E.$8,152.50.
113.Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The amount of the cash paid on August 26 equals:
A.$8,167.50.
B.$9,652.50.
C.$9,750.00.
D.$8,250.00.
E.$8,152.50.
114.Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the purchase on August 7 is:
A.Debit Merchandise Inventory $9,750; credit Cash $9,750.
B.Debit Accounts Payable $9,750; credit Merchandise Inventory $9,750.
C.Debit Merchandise Inventory $9,750; credit Sales Returns $1,500; credit Cash $8,250.
D.Debit Merchandise Inventory $9,750; credit Accounts Payable $9,750.
E.Debit Accounts Payable $8,250; debit Purchase Returns $1,500; credit Merchandise Inventory $9,750.
115.Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The correct journal entry to record the merchandise return on August 11 is:
A.Debit Accounts Payable $1,500; credit Cash $1,500.
B.Debit Accounts Payable $1,500; credit Merchandise Inventory $1,500.
C.Debit Merchandise Inventory $1,500; credit Sales Returns $1,500.
D.Debit Merchandise Inventory $1,500; credit Cash $1,500.
E.Debit Accounts Payable $1,500; credit Purchase Returns $1,500.
