Goods stolen by employees are entered in which of the following daybook A. Sales daybook B. Journal proper C. Goods taken daybook D. Purchases daybook

Goods sold on cash and carry basis returned by a customer is treated in the account by A. Debiting Inventory and Crediting Cash B. Debiting Sales and Crediting Cash C. Debiting Sales and Crediting Accounts Payable D. Debiting Inventory and Crediting Bank E. Debiting Sales and Crediting Accounts Receivable

Borrowing a copyrighted book from a library amounts to a form of theft (i)________ by entrenched custom: the copyright owner’s property, the book, is used repeatedly without (ii)________ for such use.Blank (1)AanticipatedBsanctionedperpetratedBlank (2)AapplicationcompensationCadjustment

Transactions that a business doesn't record in any specialized journal are recorded in which of the following journals or day books? A. Cash payments journal B. Cash receipts journal C. Purchases return journal D. General journal

Under a periodic inventory system, the beginning merchandise inventory is removed from the books with a journal entry that includes which of the following?Multiple Choicea debit to purchasesa debit to accounts payablea debit to merchandise inventorya debit to income summary

Determine which letter is the correct answer. 1. It is a transfer of merchandise from one business or individual to another in exchange for cash or a promise to pay. a. purchases b. sale c. order d. discount 2. When cash is immediately received as full payment for merchandise sold, it is called a what? a. cash discount b. cash discounted c. cash sales d. cash debit 3. A document issued by the seller when collection is made. a. collection receipt b. sales invoice c. purchase order d. check 4. Price reductions granted to customers because of defects or other problems with the unreturned merchandise are called what? a. accounts receivable b. sales returns c. sales allowances d. sales discounts 5. Sales returns and allowances is a contra account of a. sales b. purchases c. allowances d. returns 6. The term when total amount due shall be paid within 30 days from the date of purchased. b. 3/com c. n/30 d. 3/10, 2/15, n/30 a. 3/10, n/30 7. It means 20% trade discount. 3% cash discount if the account is paid within 10 days, net amount due shall be paid within 30 days. a. 3/10, 2/15, n/30 b. n/307 c. 3/10, n/30 d. 20, 3/10, n/30 8. It means 20% and 25% trade discount, 3% cash discount if the account is paid within 10 days, net amount due shall be paid within 30 days. a. 3/10, 2/15, n/30 b. n/30 c. 3/10, n/30 d. 20 and 25, 3/10, n/30 9. A term that the buyer bears the transportation cost. a. Freight-In b. Freight-Out c. discounts d. FOB shipping point 10 A term that the seller bears the transportation cost. a. FOB destination b. Freight collect c. Freight prepaid d. Freight-out 11. A term that the shipping or forwarding company is going to collect the transportation cost to the buyer, though the seller bears the transportation cost. a. FOB shipping point freight collect b. FOB shipping point freight prepaid c. FOB destination freight collect d. FOB destination freight prepaid