1. The amount shown in the balance sheet debit column ofworksheet for Merchandise Inventoryâ is:
A. the Cost of Goods Sold. B. net purchasesâ + beginningmerchandise inventory. C. the ending inventory. D. the beginninginventory.
2. Credit terms of 3â/15 ân/30 meanâ that:
A. a 3â% discount is allowed if the bill is paid within between15 and 30 days. B. a 3â% discount is allowed if the bill is paidafter 15 days. C. a 3â% discount is allowed if the customer paysthe bill within 15 âdays, or the entry amount is due within 30days. D. a 3â% discount is allowed if the bill is paid within 30days.
3. Cash has a normal balance of $1,600. After collecting $100â,the balance in the accountâ 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 anexpected life of 4 years and a residual value of $1,000. What isthe adjusting journal entry after the firstâyear? (Round your finalanswer to the wholeâ dollar.)
A.
Depreciation Expense
750
ââââââââAccumulatedâ Depreciation, Computer
750
B.
Depreciation Expense
750
ââââââââComputer
750
C.
Computer
750
ââââââââDepreciation Expense
750
D.
Computer
750
ââââââââAccumulatedâ Depreciation, Computer
750
1. The amount shown in the balance sheet debit column ofworksheet for Merchandise Inventoryâ is:
A. the Cost of Goods Sold. B. net purchasesâ + beginningmerchandise inventory. C. the ending inventory. D. the beginninginventory.
2. Credit terms of 3â/15 ân/30 meanâ that:
A. a 3â% discount is allowed if the bill is paid within between15 and 30 days. B. a 3â% discount is allowed if the bill is paidafter 15 days. C. a 3â% discount is allowed if the customer paysthe bill within 15 âdays, or the entry amount is due within 30days. D. a 3â% discount is allowed if the bill is paid within 30days.
3. Cash has a normal balance of $1,600. After collecting $100â,the balance in the accountâ 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 anexpected life of 4 years and a residual value of $1,000. What isthe adjusting journal entry after the firstâyear? (Round your finalanswer to the wholeâ dollar.)
A.
Depreciation Expense | 750 |
ââââââââAccumulatedâ Depreciation, Computer | 750 |
B.
Depreciation Expense | 750 |
ââââââââComputer | 750 |
C.
Computer | 750 |
ââââââââDepreciation Expense | 750 |
D.
Computer | 750 |
ââââââââAccumulatedâ Depreciation, Computer | 750 |