Question : 31) To update the inventory records for the sale of : 1212641

31) To update the inventory records for the sale of merchandise under a perpetual inventory system, the entry would include a:

A) debit to Inventory.

B) credit to Accounts Payable.

C) debit to Sales Revenue.

D) debit to Cost of Goods Sold.

 

32) To update the inventory records for the sale of merchandise under a perpetual inventory system, the entry would include a:

A) credit to Inventory.

B) debit to Accounts Payable.

C) debit to Sales Revenue.

D) credit to Cost of Goods Sold.

 

33) The entries to record a $5,000 cash sale under a perpetual inventory system, when the cost of the merchandise is $3,200, include a:

A) debit to Inventory for $5,000.

B) debit to Sales Revenue for $5,000.

C) credit to Cost of Goods Sold for $3,200.

D) debit to Cost of Goods Sold for $3,200.

34) The entries to record a $4,500 sale on account under a perpetual inventory system, when the cost of the merchandise is $3,000, include a:

A) debit to Inventory for $3,000.

B) credit to Sales Revenue for $3,000.

C) debit to Sales Revenue for $4,500.

D) credit to Inventory for $3,000.

 

35) Under a perpetual inventory system, the entry to record the return of inventory sold on account for $250 with a cost of $185 would be recorded by the seller as a:

A) debit to Accounts Receivable for $250.

B) debit to Sales Returns and Allowances for $185.

C) credit to Sales Revenue for $250.

D) credit to Cost of Goods Sold for $185.

 

36) Under a perpetual inventory system, the entry to record the return of inventory sold on account for $360 with a cost of $210 would be recorded by the seller as a:

A) credit to Accounts Receivable for $210.

B) credit to Sales Returns and Allowances for $210.

C) debit to Sales Revenue for $360.

D) debit to Inventory for $210.

37) Eastern Outfitters sold $2,500 of inventory to a customer on account, terms 3/15 n/40. Freight terms were FOB shipping point and freight charges totalled $150. The entry to record the sale would include a:

A) credit to Accounts Receivable for $2,350.

B) debit to Sales Revenue for $2,500.

C) credit to Sales Revenue for $2,500.

D) debit Accounts Receivable for $2,650.

 

38) A merchandiser received payment in full within the discount period on a $5,000 sales invoice, terms 2/15 n/30. The journal entry would include a:

A) debit to Cash for $5,000.

B) credit to Accounts Receivable for $5,000.

C) credit to Accounts Receivable for $5,900.

D) credit to Sales Discounts for $100.

 

39) A merchandiser received payment in full after the expiration of the discount period on a $3,000 sales invoice, terms 3/15 n/30. The journal entry would include a:

A) debit to Cash for $2,910.

B) credit to Accounts Receivable for $2,910.

C) debit to Sales Discount of $90.

D) debit to Cash for $3,000.

40) Under a perpetual inventory system, the entries to record a $2,600 sales return of undamaged goods for a sale originally made on account, when the merchandise had a cost of $1,200, include a:

A) debit to Inventory of $1,200.

B) debit to Sales Returns and Allowances of $1,200.

C) credit to Cost of Goods Sold of $2,600.

D) credit to Sales Returns and Allowances of $1,200.

 

 

 

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