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1. net purchases are: a) purchases + purchases returns and

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1.  Net purchases are: 

 

 A) Purchases + Purchases Returns and Allowances. 

 B) Purchases – Purchases Discount – Purchases Returns and Allowances. 

 C) Purchases – Freight – Purchases Returns and Allowances. 

 D) Purchases + Freight-In. 

 

2.  Purchases is a(n): 

 A) cost. 

 B) asset. 

 C) liability. 

 D) revenue. 

 

3.  A cost account is treated the same as: 

 

 A) a liability. 

 B) Capital. 

 C) a revenue. 

 D) an expense. 

 

4.  Jackie’s Online Service on April 30 has the following account balances:

 

Sales                                                  $20,000

Sales returns and allowances                2,000

Purchases                                            14,000

Freight-In                                               1,000

Purchases Returns and allow.               2,000

Purchases Discounts                             1,400

 

Net purchases for the period are: 

 

 A) $10,600.  

 B) $9,600. 

 C) $12,600. 

 D) $14,000. 

 

5. A characteristic of Purchases Returns and Allowances is: 

 

 A) it has a normal credit balance. 

 B) it increases when merchandise is returned. 

 C) it decreases cost. 

 D) All of these are correct. 

 

6. Clothes’ R Us bought some new clothes for its fashion line and is required to pay the freight costs. The freight terms are: 

 

 A) F.O.B. destination. 

 B) F.O.B. shipping point.  

 C) 2/10, n/30. 

 D) None of these are correct. 

 

7. When the term F.O.B. shipping point is used, title passes: 

 

 A) when goods reach the halfway point. 

 B) when goods reach the destination. 

 C) when goods are shipped.  

 D) when the buyer unpacks the goods. 

 

8. On November 30, Janoch’s Dog Kennel purchased $500 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is:

 

 A) $500. 

 B) $540. 

 C) $520. 

 D) $550. 

 

9. The entry to record a purchase of $2,000 on account, terms of 2/10, n/30, would include a: 

 

 A) debit to Purchases Discount for $40. 

 B) credit to Accounts Payable for $2,000. 

 C) debit to Accounts Payable for $2,000. 

 D) credit to Cash for $2,000. 

 

10. Purchased office supplies on account. This will be recorded with: 

 

 A) a debit to Accounts Payable and a credit to Supplies. 

 B) a debit to Supplies and a credit to Supplies Expense. 

 C) a debit to Supplies and a credit to Accounts Payable. 

 D) a credit to Supplies and a debit to Purchases. 

 

11. Heidi’s Accessories bought 40 necklaces for $10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the purchase would include: 

 

 A) a debit to Accounts Payable for $424.00. 

 B) a debit to Accounts Payable for $400.00. 

 C) a debit to Purchases for $424.00. 

 D) a debit to Purchases for $400.00.    

 

12. On February 12, Clare purchased $350 of merchandise on account from Larsen’s Accessories, terms 2/10, n/30. The goods were shipped F.O.B. destination. The freight charge was $40. The amount to be recorded in the Accounts Payable Subsidiary ledger is: 

 

 A) $343. 

 B) $383. 

 C) $350.    

 D) $390. 

 

13. A debit memorandum decreases which account on the buyer’s books? 

 

 A) Accounts Payable     

 B) Purchases Returns and Allowances 

 C) Sales Returns and Allowances 

 D) Accounts Receivable 

 

14. The entry to record returned merchandise to Vans Company is: 

 

 A) debit Purchases Returns and Allowances; credit Accounts Payable in the general ledger. 

 B) debit Accounts Payable; credit Purchases. 

 C) debit Accounts Payable/Vans Company in the accounts payable subsidiary ledger and debit Accounts Payable in the general ledger; credit Purchases Returns and Allowances. 

 D) debit Purchases; credit Accounts Payable. 

 

15. Heidi’s Accessories bought 40 necklaces for $10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. In addition, 5 necklaces were returned prior to payment. The entry to record the return would include: 

 

 A) a debit to Accounts Payable for $50.00. 

 B) a debit to Accounts Payable for $53.00.     

 C) a debit to Purchases Returns and Allowances for $50.00. 

 D) a debit to Purchases Returns and Allowances for $53.00. 

 

16. Jackson purchased $400 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period? 

 

 A) $360 

 B) $408 

 C) $400 

 D) $392    

 

17. Medeco bought goods for $150 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If Medeco pays the amount owed within the discount period, what is the amount they should pay? 

 

 A) $97 

 B) $147 

 C) $98    

 D) $148 

 

18. Using the perpetual inventory system, the purchase of merchandise on account would include a: 

 

 A) debit to Merchandise Inventory and a credit to Accounts Payable. 

 B) debit to Accounts Payable and a credit to Merchandise Inventory. 

 C) debit to Accounts Receivable and a credit to Sales. 

 D) debit to Sales and a credit to Accounts Receivable. 

 

19. The return of merchandise to the supplier for credit using the perpetual inventory system would include a: 

 

 A) debit to Accounts Receivable and a credit to Accounts Payable. 

 B) debit to Accounts Payable and a credit to Merchandise Inventory. 

 C) debit to Merchandise Inventory and a credit to Accounts Payable. 

 D) debit to Accounts Payable and a credit to Purchases Returns and Allowances. 

 

20. The account used in perpetual inventory to record the cost of inventory used to make the sale is: 

 

A) Purchases. 

B) Purchases Returns and Allowances. 

C) Purchases Discounts. 

D) Cost of Goods Sold. 

 

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July 1, 2023
    

Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).

Primary Task Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Interest groups play a significant role in contemporary American politics, on a wide range of public policy issues, from healthcare (Affordable Care Act, for example) to gun control (the NRA is a well-known example), and from financial services regulation to regulating food production.

For this discussion board, choose an interest group that appeals to you and then identify a public policy issue that your selected interest group is working on impacting. In addition, include the following information:

  • What types of activities are conducted by your interest group? Provide examples of activities undertaken by the group within the last 12 months. Activities can include lobbying, television or radio spots, media spots, rallies or other activities. Also, if available, provide links to any news articles about the organization’s activities or press releases from the organization or other articles from the organization’s website for your classmates’ reference.
  • How is your chosen interest group connected to the average citizen, if at all? Provide examples of average citizens’ involvement in your chosen interest group, if any. If your chosen interest group rarely or does not interact with the average citizen, please discuss how the work of your chosen interest group indirectly impacts the average citizen, if at all.
  • Do you believe that interest groups do, or have the ability to, promote corruption in government? Explain your position. If they do or have the potential to do so, why do you believe so? If not, what do you think prevents them from corrupting government? Support your position with specific examples.

Responses to Other Students: Respond to at least 2 of your fellow classmates with a reply of at least 100 words about their primary task response. To help you with your discussion, please consider the following questions:

  • What did you learn from your classmate's posting?
  • What additional questions do you have after reading the posting?
  • What clarification do you need regarding the posting?
  • What differences or similarities do you see between your posting and other classmates' postings?

 

 

 

 

 

Individual project

 

Weekly tasks or assignments (Individual Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

PHASE 3 OUTLINE - THIS PROJECT MUST BE SUBMITTED IN OUTLINE FORM

After researching your topic and finding reliable sources, the next step is to use the information you have found to develop a working outline. In this assignment, you will build from your annotated bibliography. Using the same topic you researched in phase 2, you will plan and outline a Problem/Solution essay. You will use this outline to create a rough draft.

Before creating your first draft of the Problem/Solution essay, you will create a double-spaced outline that plans out your Problem/Solution essay in process.

The outline should begin with your Thesis Statement and introduce the Problem/Issue.

A well-integrated outline will include evidence of outside research integration, including specific statistics and data. Avoid using single word descriptions.  The stronger outline will be the more detailed and developed outline. 

Your Outline should contain the following:

  • A thesis statement
  • Topic sentences
  • Supporting information in the form of quotes or paraphrased passages
  • A properly formatted reference page with at least two reliable sources
  • Proper in text citations

In addition to these structural guidelines your individual project should also contain the following:

  • A cover page
  • Headers
  • Page numbers

Be double-spaced using 12 point, Times New Roman, Arial, or Courier fonts. Please submit your assignment.

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July 1, 2023
    

Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).

Primary Task Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Interest groups play a significant role in contemporary American politics, on a wide range of public policy issues, from healthcare (Affordable Care Act, for example) to gun control (the NRA is a well-known example), and from financial services regulation to regulating food production.

For this discussion board, choose an interest group that appeals to you and then identify a public policy issue that your selected interest group is working on impacting. In addition, include the following information:

  • What types of activities are conducted by your interest group? Provide examples of activities undertaken by the group within the last 12 months. Activities can include lobbying, television or radio spots, media spots, rallies or other activities. Also, if available, provide links to any news articles about the organization’s activities or press releases from the organization or other articles from the organization’s website for your classmates’ reference.
  • How is your chosen interest group connected to the average citizen, if at all? Provide examples of average citizens’ involvement in your chosen interest group, if any. If your chosen interest group rarely or does not interact with the average citizen, please discuss how the work of your chosen interest group indirectly impacts the average citizen, if at all.
  • Do you believe that interest groups do, or have the ability to, promote corruption in government? Explain your position. If they do or have the potential to do so, why do you believe so? If not, what do you think prevents them from corrupting government? Support your position with specific examples.

Responses to Other Students: Respond to at least 2 of your fellow classmates with a reply of at least 100 words about their primary task response. To help you with your discussion, please consider the following questions:

  • What did you learn from your classmate's posting?
  • What additional questions do you have after reading the posting?
  • What clarification do you need regarding the posting?
  • What differences or similarities do you see between your posting and other classmates' postings?

 

 

 

 

 

Individual project

 

Weekly tasks or assignments (Individual Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

PHASE 3 OUTLINE - THIS PROJECT MUST BE SUBMITTED IN OUTLINE FORM

After researching your topic and finding reliable sources, the next step is to use the information you have found to develop a working outline. In this assignment, you will build from your annotated bibliography. Using the same topic you researched in phase 2, you will plan and outline a Problem/Solution essay. You will use this outline to create a rough draft.

Before creating your first draft of the Problem/Solution essay, you will create a double-spaced outline that plans out your Problem/Solution essay in process.

The outline should begin with your Thesis Statement and introduce the Problem/Issue.

A well-integrated outline will include evidence of outside research integration, including specific statistics and data. Avoid using single word descriptions.  The stronger outline will be the more detailed and developed outline. 

Your Outline should contain the following:

  • A thesis statement
  • Topic sentences
  • Supporting information in the form of quotes or paraphrased passages
  • A properly formatted reference page with at least two reliable sources
  • Proper in text citations

In addition to these structural guidelines your individual project should also contain the following:

  • A cover page
  • Headers
  • Page numbers

Be double-spaced using 12 point, Times New Roman, Arial, or Courier fonts. Please submit your assignment.

default image
July 1, 2023
    

Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).

Primary Task Response: Within the Discussion Board area, write 300–500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Interest groups play a significant role in contemporary American politics, on a wide range of public policy issues, from healthcare (Affordable Care Act, for example) to gun control (the NRA is a well-known example), and from financial services regulation to regulating food production.

For this discussion board, choose an interest group that appeals to you and then identify a public policy issue that your selected interest group is working on impacting. In addition, include the following information:

  • What types of activities are conducted by your interest group? Provide examples of activities undertaken by the group within the last 12 months. Activities can include lobbying, television or radio spots, media spots, rallies or other activities. Also, if available, provide links to any news articles about the organization’s activities or press releases from the organization or other articles from the organization’s website for your classmates’ reference.
  • How is your chosen interest group connected to the average citizen, if at all? Provide examples of average citizens’ involvement in your chosen interest group, if any. If your chosen interest group rarely or does not interact with the average citizen, please discuss how the work of your chosen interest group indirectly impacts the average citizen, if at all.
  • Do you believe that interest groups do, or have the ability to, promote corruption in government? Explain your position. If they do or have the potential to do so, why do you believe so? If not, what do you think prevents them from corrupting government? Support your position with specific examples.

Responses to Other Students: Respond to at least 2 of your fellow classmates with a reply of at least 100 words about their primary task response. To help you with your discussion, please consider the following questions:

  • What did you learn from your classmate's posting?
  • What additional questions do you have after reading the posting?
  • What clarification do you need regarding the posting?
  • What differences or similarities do you see between your posting and other classmates' postings?

 

 

 

 

 

Individual project

 

Weekly tasks or assignments (Individual Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

PHASE 3 OUTLINE - THIS PROJECT MUST BE SUBMITTED IN OUTLINE FORM

After researching your topic and finding reliable sources, the next step is to use the information you have found to develop a working outline. In this assignment, you will build from your annotated bibliography. Using the same topic you researched in phase 2, you will plan and outline a Problem/Solution essay. You will use this outline to create a rough draft.

Before creating your first draft of the Problem/Solution essay, you will create a double-spaced outline that plans out your Problem/Solution essay in process.

The outline should begin with your Thesis Statement and introduce the Problem/Issue.

A well-integrated outline will include evidence of outside research integration, including specific statistics and data. Avoid using single word descriptions.  The stronger outline will be the more detailed and developed outline. 

Your Outline should contain the following:

  • A thesis statement
  • Topic sentences
  • Supporting information in the form of quotes or paraphrased passages
  • A properly formatted reference page with at least two reliable sources
  • Proper in text citations

In addition to these structural guidelines your individual project should also contain the following:

  • A cover page
  • Headers
  • Page numbers

Be double-spaced using 12 point, Times New Roman, Arial, or Courier fonts. Please submit your assignment.

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