Question

1) company A sold merchandise for $450 on account to the syrio snow. the terms were...

1) company A sold merchandise for $450 on account to the syrio snow. the terms were 2/10, n/30. company A uses the net method to account for sales and the cost for the merchandise was $180. The journal entry would include a ... ( round the final answer to the nearest dollar )


4) The total revenues of $6800, total expenses of $3900 and dividends of $600 were recorded in the closing entries. The net change in retained earnings for the month was?
a) 2,300$
b) 3,500$
c) 2,900$
d) 6,200$

6) The amount of an invoice is $5000 with terms 2/10, n/30. The amount to be paid within the discount. Is?
a) 4900$ b) 5000$
c) 4500$ d) 3500$

10) a 20- month Insurance policy was purchased for $1700 on May 1. how much insurance will be expensed on December 31 ?
a) 340 b) 680 c) 1700 d) 85

12) danio inc has $89,000 in assets and 26,000$ in liabilities. how much does the company have in stockholders equity?
a) 89,000$ b) 63,000$ c) 115,000$ d) 26,000$

14) Company a purchased 50 keyboards on account for five dollars each from amadeus inc, when they unpacked the keyboards company a found that 30 of the keyboards were damaged in shipping. What is the journal entry that company a will make to record the purchase return ?
a) debit account payable - amadeus and credit inventory 250$
b) debuts acciunt payable- amadeus and credit inventory 150$
c) debit purchase returns and credit inventory 160$
d) debit purchase returns and credit inventory, 150$

Homework Answers

Answer #1
Requirement 1
Journal entry for sale of Merchandise using net method
Accounts Receivable 441
Sales 441
Net sales price = 450 -(450*2%)
Requirement 4
Answer: a) 2,300$
Explanation
Total revenue -total expenses -dividends
Requirement 6
Answer: a) 4900$
Explanation:
Net payment = $5,000 -($5,000*2%)
Requirement 10
Answer:b) 680
Explanation:
Insurance expense = $1,700/20*8
Requirement 12
Answer: b)63,000$
Explanation:
Stockholders equity = Assets -Liabilities
Requirement 14
Answer: b) debit account payable -amadeus and credit inventory 150$
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