Question : 11) Perkins issued a $500 credit memo to a customer, : 1212693

11) Perkins issued a $500 credit memo to a customer, Susan Richardson, for inventory that Richardson returned because it was not what she had ordered. What entry does Richardson make assuming her company using a periodic inventory system?

A)

Accounts Payable-Perkins

500

 

      Sales Returns and Allowances

 

500

 

B)

Inventory

500

 

      Accounts Payable-Perkins

 

500

 

C)

Accounts Payable-Perkins

500

 

      Purchase Returns and Allowances

 

500

 

D)

Accounts Payable-Perkins

500

 

      Inventory

 

500

 

12) Ruby Company purchased inventory from Diamond Company, and received a credit memo from Diamond Company. Diamond Company had charged Ruby Company $3.85 rather than $3.58 for each of the 100 items ordered. What entry will Ruby Company make assuming it is using a perpetual inventory system?

A)

Sales Returns and Allowances

27

 

      Inventory

 

27

 

B)

Accounts Payable-Diamond Company

27

 

      Purchase Returns and Allowances

 

27

 

C)

Accounts Payable-Diamond Company

27

 

      Inventory

 

27

 

D)

Inventory

27

 

      Accounts Payable-Diamond Company

 

27

 

 

13) Ruby Company purchased inventory from Diamond Company, and received a credit memo from Diamond Company. Diamond Company had charged Ruby Company $3.85 rather than $3.58 for each of the 100 items ordered. What entry will Ruby Company make assuming they are using a periodic inventory system?

A)

Sales Returns and Allowances

27

 

      Inventory

 

27

 

B)

Accounts Payable-Diamond Company

27

 

      Purchase Returns and Allowances

 

27

 

C)

Accounts Payable-Diamond Company

27

 

      Inventory

 

27

 

D)

Inventory

27

 

      Accounts Payable-Diamond Company

 

27

 

14) Ruby Company purchased inventory from Diamond Company, and received a credit memo from Diamond Company. Diamond Company had charged Ruby Company $3.85 rather than $3.58 for each of the 100 items ordered. What entry will Diamond Company make?

A)

Sales Returns and Allowances

27

 

      Inventory

 

27

 

B)

Sales Returns and Allowances

27

 

      Accounts Receivable-Ruby Company

 

27

 

C)

Accounts Payable-Ruby Company

27

 

      Inventory

 

27

 

D)

Inventory

27

 

      Accounts Payable-Ruby Company

 

27

 

 

15) Adjusting entries:

A) are recorded in the general journal.

B) are recorded in the cash receipts journal.

C) are recorded in the cash payments journal.

D) are not recorded when a company uses special journals.

Match the following.

 

A) general journal

B) account number

C) credit memo

D) page number

E) debit memo

 

16) The document issued by a seller for a credit to a customer’s Accounts Receivable

 

17) The document issued by a buyer to reduce the buyer’s Accounts Payable

18) Journal used to record all transactions that do not fit one of the special journals

 

19) The posting reference in the general journal when posting to the general ledger

 

 

20) Identify all the journals in which the following accounts would be debited or credited. Use P for purchases journal, S for sales journal, CP for cash payments journal, CR for cash receipts journal, and G for general journal. Some accounts may be used in more than one journal. Assume a perpetual inventory system.

 

a) Cost of goods sold________

b) Accounts payable________

c) Amortization expense________

d) Cash________

e) Accounts payable________

f) Sales revenue________

g) Sales returns and allowances________

h) Inventory________

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more