Question

1. The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory​ is:...

1. The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory​ is:

A. the Cost of Goods Sold. B. net purchases​ + beginning merchandise inventory. C. the ending inventory. D. the beginning inventory.

2. Credit terms of 3​/15 ​n/30 mean​ that:

A. a 3​% discount is allowed if the bill is paid within between 15 and 30 days. B. a 3​% discount is allowed if the bill is paid after 15 days. C. a 3​% discount is allowed if the customer pays the bill within 15 ​days, or the entry amount is due within 30 days. D. a 3​% discount is allowed if the bill is paid within 30 days.

3. Cash has a normal balance of $1,600. After collecting $100​, the balance in the account​ is:

A. debit $1,700. B. credit $1,700. C. credit $1,500. D. debit $1,500.

4. Tina's Event Planning bought a computer worth $4,000 with an expected life of 4 years and a residual value of $1,000. What is the adjusting journal entry after the first​year? (Round your final answer to the whole​ dollar.)

A.

Depreciation Expense

750

        Accumulated​ Depreciation, Computer

750

B.

Depreciation Expense

750

        Computer

750

C.

Computer

750

        Depreciation Expense

750

D.

Computer

750

        Accumulated​ Depreciation, Computer

750
Business   Accounting   
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Homework Answers

Answer #1

1. The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory​ is:

C. the ending inventory.

2. Credit terms of 3​/15 ​n/30 mean​ that:

C. a 3​% discount is allowed if the customer pays the bill within 15 ​days, or the entry amount is due within 30 days

3. Cash has a normal balance of $1,600. After collecting $100​, the balance in the account​ is:

A. debit $1,700

1600+100 Collection =1700

4. Tina's Event Planning bought a computer worth $4,000 with an expected life of 4 years and a residual value of $1,000. What is the adjusting journal entry after the first​year? (Round your final answer to the whole​ dollar.)

Answer is Option A

Depreciation Expense DR 750

Accumulated​ Depreciation, Computer CR 750

Deprecition Expense =(4000-1000)/4 =$750

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