Plainview NY N Best Places for Young F , × x / Fw: Your Request fo d27fc4b6c068?

Question

Plainview NY N Best Places for Young F , × x / Fw: Your Request fo d27fc4b6c068?projector 1 7. The journal entry to record a credit sale is A) Debit Cash, Credit Sales B) Debit Cash, Credit Service Revenue C) Debit Accounts Receivable, Credit Service Revenue D) Debit Accounts Receivable, Credit Sales 8. Freight terms of FOB shipping point mean that the A) seller must debit freight out B) buyer must bear the freight costs C) goods are placed free on board at the buyer's place of business D) seller must bear the freight costs 9. Which of the following accounts would not be on the books of a mercham company? A) accounts receivable B) fees eamed C) sales D) sales returns and allowances 10. The entry to record the return of goods to a creditor would include a: A) debit to merchandise inventory B) credit to merchandise inventory C) debit to sales D) credit to sales 11. A purchase on March 21 with terms 3/10, n/30 has to be paid by which date b discount? A) April 25 B) April 20 C) March 31 D) April 3 12. Gross profit equais the difference between A) net sales and cost of goods sold B) net sales and cost of goods sold plus operating expenses C) net income and operating expenses D) net sales and operst 12. The enbry to record Page A) detit to Account

Explanation / Answer

Question no:7 Journal Entry for credit sale Answer is option (D)   Debit Accoutn recevables , credit sales incase of credit sales, debit will be Account rcevables instead of cash A/c , Credit Will be Sales Journal debit Credit Account receivables A/c XX       To Sales A/c Xx (being Credit sales has been recorded) Question no:8 Freight terms of FOB Shipping point means Answer is Option (B) Buyer must bear the freight costs FOB shipping point means the sale is considered complete at the seller's shipping dock, afterwords Buyer is Resposible for the goods and its Costs incurred Question no:9 Which of the following accounts would not be in the books of merchant Answer is Option (2) Fee earned fee earned account will not in the books of merchandise company. It fee earned account wound be available in the books of Service orientd company All other accounts such as Accounts recevables , sales , Sales returns and allownaces are in books of merchandise company Accounts Question no:10 Journal for Goods Return of goods to a creditor would include a Answer is option : (B) Credit the merchandise inventory Account Journal For goods returned to Creditors Debit Credit Creditors A/c XX          To Merchandise Invenotory A/c XX

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