Question :
111. On October 1, Robertson Company sold merchandise in the amount : 1256833
111. On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. The journal entry or entries that Robertson will make on October 1 is:
A.
Sales
5,800
Accounts Receivable
5,800
B.
Sales
5,800
Accounts Receivable
5,800
Cost of Goods Sold
4,000
Merchandise Inventory
4,000
C.
Accounts Receivable
5,800
Sales
5,800
D.
Accounts Receivable
5,800
Sales
5,800
Cost of Goods Sold
4,000
Merchandise Inventory
4,000
E.
Accounts Receivable
4,000
Sales
4,000
112. On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. Alberts pays the invoice on October 8 and takes the appropriate discount. The journal entry that Robertson makes on October 8 is:
A.
Cash
5,800
Accounts Receivable
5,800
B.
Cash
4,000
Accounts Receivable
4,000
C.
Cash
3,920
Sales Discounts
80
Accounts Receivable
4,000
D.
Cash
5,684
Accounts Receivable
5,684
E.
Cash
5,684
Sales Discounts
116
Accounts Receivable
5,800
113. On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. On October 4, Alberts 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 Robertson must make on October 4 is:
A.
Sales Returns and Allowances
500
Accounts Receivable
500
Merchandise Inventory
350
Cost of Goods Sold
350
B.
Sales Returns and Allowances
500
Accounts Receivable
500
C.
Accounts Receivable
500
Sales Returns and Allowances
500
D.
Accounts Receivable
500
Sales Returns and Allowances
500
Cost of Goods Sold
350
Merchandise Inventory
350
E.
Sales Returns and Allowances
350
Accounts Receivable
350
114. A company that uses the perpetual inventory system purchased merchandise inventory at a cost of $4,300 with credit terms 3/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry to record the payment?
A.
Merchandise Inventory
4,300
Accounts Payable
4,300
B.
Accounts Payable
4,300
Merchandise Inventory
4,300
C.
Purchase Discount
4,171
Accounts Payable
4,171
D.
Accounts Payable
4,171
Cash
4,171
E.
Accounts Payable
4,300
Merchandise Inventory
129
Cash
4,171
115. On July 22, a companythat uses the perpetual inventory system purchased merchandise inventory at a cost of $5,250 with credit terms 2/10, net 30. If the company pays for the purchase on August 1, what would be the appropriate journal entry?
A.
Merchandise Inventory
5,250
Accounts Payable
5,250
B.
Accounts Payable
5,250
Merchandise Inventory
5,250
C.
Purchase Discount
5,145
Accounts Payable
5,145
D.
Accounts Payable
5,145
Cash
5,145
E.
Accounts Payable
5,250
Merchandise Inventory
105
Cash
5,145
116. On July 22, a company purchased merchandise inventory at a cost of $5,250 with credit terms 2/10, net 30. If the company pays for the purchase on August 7, what would be the appropriate journal entry?
A.
Merchandise Inventory
5,250
Accounts Payable
5,250
B.
Accounts Payable
5,250
Merchandise Inventory
5,250
C.
Accounts Payable
5,250
Cash
5,250
D.
Accounts Payable
5,145
Cash
5,145
E.
Accounts Payable
5,250
Merchandise Inventory
105
Cash
5,145
117. On July 22, a company purchased merchandise inventory at a cost of $5,250 with credit terms 2/10, net 60. If the company borrows money at 12% to pay for the purchase on the last day of the discount period and pays the loan off on the last day of the credit period, what would be the net savings for the company?
A. $99.50
B. $-20.43
C. $84.57
D. $20.43
E. $-84.57
118. A company purchased merchandise inventory at a cost of $8,500 with credit terms 2/10, net 60. If the company borrows $8,330 to pay for the purchase on the last day of the discount period and pays the loan plus interest in the amount of $8,466.93 on the last day of the credit period, what is the net savings?
A. $170.00
B. $-33.07
C. $136.93
D. $33.07
E. There is no savings to the company
119. A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000,net income totaled $263,500, and cost of goods sold of $420,000. What is the net sales amount for the period?
A. $1,500,000
B. $1,275,000
C. $1,725,000
D. $1,521,000
E. $1,479,000
120. A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000,net income of$263,500, and cost of goods sold of $420,000. What is the gross profit/margin for the period?
A. $ 806,000
B. $1,031,000
C. $1,182,000
D. $1,080,000
E. $ 855,000
or Waypoint 
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