ACG 2021 Study Guide - Quiz Guide: Intangible Asset, Current Asset, Perpetual Inventory

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28 Nov 2019
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10/12/2019 Take Test: Chapter 5 Quiz – ACG2022 266561 FINANCIAL ...
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Take Test: Chapter 5 Quiz
ACG2022 266561 FINANCIAL ACCOUNTING WP
Lessons Lesson 5
Take Test: Chapter 5 Quiz
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Timed Test This test has a time limit of 1 hour.This test will save and submit automatically when the time expires.
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QUESTION 1
Carter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of
2/10, n/30. Hannah Company returns $600 of merchandise that was damaged, along with a check to
settle the account within the discount period. What entry does Carter Company make upon receipt
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10/12/2019 Take Test: Chapter 5 Quiz – ACG2022 266561 FINANCIAL ...
https://palmbeachstate.blackboard.com/webapps/assessment/take/launch.jsp?course_assessment_id=_357137_1&course_id=_68205_1&content_id=_5205329_1&step=null 2/9
A.
B.
C.
D.
settle the account within the discount period. What entry does Carter Company make upon receipt
of the check?
Cash 3,332 
Sales Returns and Allowances 600
Sales Discounts 68
     Accounts Receivable 4,000
Cash 3,920 
Sales Discounts 80
     Sales Returns and Allowances 600
     Accounts Receivable 3,400
Cash 3,400 
     Accounts Receivable 3,400
Cash 3,332 
Sales Returns and Allowances 668
     Accounts Receivable 4,000
A.
B.
C.
D.
QUESTION 2
The Freight-In account
has a normal credit balance.
is a permanent account.
is contra to the Purchases account.
increases the cost of merchandise purchased.
2 points
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10/12/2019 Take Test: Chapter 5 Quiz – ACG2022 266561 FINANCIAL ...
https://palmbeachstate.blackboard.com/webapps/assessment/take/launch.jsp?course_assessment_id=_357137_1&course_id=_68205_1&content_id=_5205329_1&step=null 3/9
A.
B.
C.
D.
QUESTION 3
The credit terms oered to a customer by a business rm are 2/10, n/30, which means that
two sales returns can be made within 10 days of the invoice date and no returns thereafter.
the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
the customer must pay the bill within 10 days.
the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from
the invoice date.
2 points
Saved
A.
B.
C.
D.
QUESTION 4
The primary source of revenue for a wholesaler is
the sale of merchandise.
service fees.
investment income.
the sale of xed assets the company owns.
2 points
Saved
A.
B.
C.
QUESTION 5
Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The
goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in
receiving full credit is:
Accounts Payable 5,000
     Purchase Discounts 150
     Inventory 4,850
Accounts Payable 5,000
Inventory 150
Cash 5,150
Accounts Payable 5,000
Inventory 150
2 points
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Remaining Time: 29 minutes, 04 seconds.
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