11) Avery Supplies uses periodic inventory.  Avery purchased $10,000 of inventory on account.  The terms were 3/10, n/30.   The purchase was made on February 1.  Which of the following journal entries properly records this transaction?

A)

Purchases

10,000

     Accounts payable

10,000

B)

Accounts payable

10,000

     Purchases

10,000

C)

Inventory

10,000

     Accounts payable

10,000

D)

Inventory

10,000

     Cash

10,000

12) Avery Supplies uses periodic inventory.  Avery purchased $10,000 of inventory on account.  The terms were 3/10, n/30.   The purchase was made on February 1.  Avery paid the supplier on February 9.  Which of the following journal entries properly records this payment transaction?

A)

Accounts payable

9,700

     Cash

9,700

B)

Accounts payable

9,700

Purchase discounts

300

     Purchases

10,000

C)

Accounts payable

10,000

     Cash

9,700

     Purchase discounts

300

D)

Accounts payable

10,000

     Cash

10,000

13) Avery Supplies uses periodic inventory.  Avery purchased $10,000 of inventory on account.  The terms were 3/10, n/30.   The purchase was made on February 1.  On February 2, Avery returned $400 of damaged goods to the supplier and was granted an allowance.  How should Avery properly record the allowance?

A)

Accounts payable

400

     Purchase returns and allowances

400

B)

Accounts payable

9,600

     Purchase discounts

400

     Purchases

10,000

C)

Accounts payable

10,000

     Cash

9,600

     Purchase returns and allowances

400

D)

Accounts payable

400

     Cash

400

14) Avery Supplies uses periodic inventory.  Avery purchased $10,000 of inventory on account.  The terms were 3/10, n/30.   The purchase was made on February 1.  Avery paid the shipper $250 cash for Freight in.  How should Avery properly record the Freight in?

A)

Freight in

250

     Cash

250

B)

Accounts payable

250

     Purchases

250

C)

Inventory

250

     Cash

250

D)

Freight in

250

     Accounts payable

250

15) Avery Supplies uses periodic inventory.  Please refer to the following data:

Beginning inventory

$3,000

Ending inventory

2,100

Purchases

24,000

Purchase discounts

800

Purchase returns & allowances

1,200

Freight in

4,200

How much is Net purchases?

A) $26,000

B) $22,000

C) $25,000

D) $23,200

16) Avery Supplies uses periodic inventory.  Please refer to the following data:

Beginning inventory

$3,000

Ending inventory

2,100

Purchases

24,000

Purchase discounts

800

Purchase returns & allowances

1,200

Freight in

4,200

How much is Cost of goods sold?

A) $26,000

B) $22,000

C) $27,100

D) $29,200

17) Journalize the following transactions (using the periodic inventory method):

Purchased merchandise on account for $4,300.

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