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Quiz

Journalizing Sales and Purchases

malabanan.nicole 5 perguntas 1.647 visualizações 5,0 (1 avaliação)

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Perguntas do quiz (5)

  1. 1Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges amounted to P2,000. Choose the the correct entry to record this transaction.
    1. ADr. Merchandise Cr. Cash
    2. BDr. Sales Cr. Cash
    3. CDr. Cash Cr. Accounts Receivable
    4. DDr. Accounts Receivable Cr. Sales
  2. 2Perlada sold merchandise on account to Orion Co., P710,000. Terms: FOB shipping point; 2/10, n/30. Freight charges amounted to P8,000. Sales Discount to be [blank_start]debited[blank_end] is in the amount of [blank_start]P14,200[blank_end].
    1. AP14,200
    2. BP14,360
    3. Ccredited
    4. Ddebited
  3. 3Returned a potion of the office supplies received for credit because the wrong items were sent, P4,000. Entries to be recorded are: Debit [blank_start]Accounts Payable P4,000[blank_end], Credit [blank_start]Purchase Returns & Allowances P4,000[blank_end].
    1. AAccounts Payable P4,000
    2. BPurchase Returns & Allowances P4,000
  4. 4Wrong Inc. purchased merchandise on credit from Magallanes Corp, terms: n/30, FOB destination, P95,400. Freight costing P600. Who should pay the shipper?
    1. AWrong Inc.
    2. BMagallanes Corp.
  5. 5Armando Lo Company entered into the following transactions during the month of June 2015:

    June 2 Purchased P1,000 tires at a cost of P600 per tire. Terms of payment: 1/10 net 30.
    4 Paid trucking firm P8,000 to ship the tires purchased on June 2.
    5 Purchased 600 tires at a cost og P600 per tire. Terms of payment: 2/10, net 30.
    6 Paid trucking firm P5,000 to ship the tires purchased on June 5.
    7 Returned 150 of the tires ourchased on June 2 because they were defective. Received a credit on open account from the seller.
    11 Paid for tires purchased on June 2.
    13 Sold 700 tires from those purchased on June 2. The selling price was P900 per tire. Terms 1/10, net 30
    22 Received cash from sale of tires on June 13.
    30 Paid for tires purchased on June 5.

    Entries to be recorded on:

    June 2 Debit Purchases P60,000
    Credit [blank_start]Accounts Payable[blank_end] P60,000
    4 Debit [blank_start]Freight In[blank_end] P8,000
    Credit Cash P8,000
    5 Debit [blank_start]Purchases[blank_end] P36,000
    Credit Accounts Payable P36,000
    6 Debit [blank_start]Freight In[blank_end] P5,000
    Credit Cash P5,000
    7 Debit [blank_start]Accounts Payable[blank_end] P90,000
    Credit Purchase Returns & Allowances P90,000.
    11 [blank_start]Debit[blank_end] Accounts Payable P510,000
    [blank_start]Credit[blank_end] Purchase Discount P5,100
    Credit Cash P504,900.
    13 Debit Accounts Receivable P[blank_start]630,000[blank_end]
    Credit Sales P[blank_start]630,000[blank_end]
    22 Debit Cash P[blank_start]623,700[blank_end]
    [blank_start]Debit[blank_end] Sales Discount P[blank_start]6,300[blank_end]
    Credit [blank_start]Accounts Receivable[blank_end] P630,000
    30 Debit Accounts Payable P[blank_start]360,000[blank_end]
    Credit Cash P[blank_start]360,000[blank_end]
    1. AAccounts Payable
    2. BFreight In
    3. CPurchases
    4. DFreight In
    5. EAccounts Payable
    6. FCredit
    7. GDebit
    8. H630,000
    9. I623,700
    10. JAccounts Receivable
    11. K360,000
    12. L360,000
    13. M630,000
    14. NDebit
    15. O6,300

Informações

Descrição
Entries to be recorded is case sensitive. Write the correct account title with amount. Ex. Accounts Payable P9,000. source: 2009 Basic Accounting Made Easy by Win Ballada and Susan Ballada
Idioma
English
Visualizações
1.647
Avaliação
5,0 de 5 · 1 avaliação
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