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ACC 200 EXAM 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 200 EXAM 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 200 EXAM 2 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Buyer A purchased $600 of inventory on July 1 with credit terms 2/10, n30 . On July 9, buyer A pays for
the July 1 Inventory purchase. How much cash will be paid by Buyer A on July 9th?
A.588
B.576
C.600
D.624 - A.588
Customer D purchased $800 of inventory from us on August 1 with credit terms of 3/15 N 45 . On
August 7 seller issued a credit memorandum to customer D in the amount of $100 for damages to the
inventory sold to Customer D on August 1 . On August 11 customer D pays us the entire amount owed to
us. using the perpetual inventory method, the journal entry made by customer D on August 11th will
include but not limited to.
A. debit to accounts receivable for $700 and a credit to cash for $700
B.Debit to cash for 800 and a credit to sales for $800
C.credit to cash for $679 and a credit to inventory for $21
D. debit to sales discounts for $21 and a credit to accounts receivable for $700 - C.
Seller uses a periodic inventory system. On June 1 seller sells $1,000 of merchandise with credit terms
and of 3/15 N30. The merchandise has a cost to seller of $650. The journal entry made by seller on June
1 will include (but not limited to)
A. A debt to accounts receivable for $650 and a credit to sales for $650.
B. Debit to accounts receivable for $1,000 and a credit to inventory for $650
C. credit to inventory for $650 and a debit to cost of goods sold for $650
D. credit to sales for $1,000 and a debit to accounts receivable for $1,000 - D
When a buyer using the perpetual inventory system purchases inventory with freight terms FOB
shipping the freight charges will result in which of the following?
A. The operating expense account for freight increasing
, B. The inventory account increasing
C. The freight in income statement account increasing.
D. The seller pays the freight change - B
Adjusting entries are recorded in which journal ?
A. A special journal
B. The general journal
C. The general ledger
D. The subsidiary ledger - B
Which of the following is one of the advantages of using a subsidiary ledger?
A. Gives you more of the detail that is necessary when preparing a trial balance .
B. All the transactions affecting one customer or creditor can be found in a single location.
C. The bookkeeper does not have to worry about updating account information on a regular basis - the
individual accounts are only updated as a part of adjusting entries.
D. Helps in the design phase of system development by identifying strengths and weakness's in a
company current system. - B.
Assume the periodic inventory system is being used , Ending inventory is overstated by $400. If not
corrected which of the following statements will be true in the current period?
A. Owners equity will be understated by $400
B. Cost of good's sold will be overstated by $400
C. Cost of goods sold will be understated by $400
D. Net Income will be understated by $400 - C.
Under a consignment arrangement , the
A. Consignor has ownership until the inventory is sold to the customer
B. Consignor has ownership until the inventory is shipped to the Consignee
C. Consignee has ownership when inventory is shipped tot he consignee
D. Consignee inventory is included in the inventory of the consignee - A
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