000 b. $61,500 c. $58,500 d. $38,500 question 10 of

quetion 10 -20  
   
   
   

Question 10 of 20

0.0/ 5.0 Points

Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to record this payment?

 

[removed]

A. Debit Cash $900; credit Accounts Receivable Sales $900

 

[removed]

B. Debit Cash $936; debit Sales Discount $18; credit Accounts Receivable $954

 

[removed]

C. Debit Cash $954; credit Sales $954

 

[removed]

D. Debit Cash $936; credit Sales $936

 

Question 11 of 20

0.0/ 5.0 Points

The collection on an account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause the

 

[removed]

A. the net income for the period to be understated.

 

[removed]

B. the net income for the period to be overstated.

 

[removed]

C. the control account to not agree with the subsidiary ledger.

 

[removed]

D. the assets to be overstated.

 

Question 12 of 20

0.0/ 5.0 Points

If a credit memorandum is issued, which account will be decreased on the seller’s books?

 

[removed]

A. Accounts Receivable

 

[removed]

B. Accounts Payable

 

[removed]

C. Sales Discount

 

[removed]

D. Sales Returns and Allowances

 

Question 13 of 20

0.0/ 5.0 Points

The principal ledger containing all the balance sheet and income statement accounts is the _______ ledger.

 

[removed]

A. general

 

[removed]

B. creditors’

 

[removed]

C. customers’

 

[removed]

D. subsidiary

 

Question 14 of 20

0.0/ 5.0 Points

Monica’s Closet received payment in full for goods sold within the discount period on a $500 sales invoice, terms 2/10, n/30. Which entry records this payment?

 

[removed]

A. Debit Accounts Receivable; credit Sales $500

 

[removed]

B. Debit Cash; credit Accounts Receivable $500

 

[removed]

C. Debit Cash $490, debit Sales Discount $10; credit Sales $500

 

[removed]

D. Debit Cash $490, debit Sales Discount $10; credit Accounts Receivable $500

 

Question 15 of 20

0.0/ 5.0 Points

Which statement about subsidiary ledgers is most accurate?

 

[removed]

A. The subsidiary ledger accounts will never equal the control account in the general ledger.

 

[removed]

B. The Accounts Receivable subsidiary ledger is a book of accounts that provides supporting detail for Accounts Receivable.

 

[removed]

C. The subsidiary ledger accounts will equal the amount in the Sales account.

 

[removed]

D. All of the above

 

Question 16 of 20

0.0/ 5.0 Points

A received payment within the discount period for previously merchandise sold will be recorded with a

 

[removed]

A. credit to an asset account.

 

[removed]

B. debit to a liability account.

 

[removed]

C. debit to Capital.

 

[removed]

D. None of the above

 

Question 17 of 20

0.0/ 5.0 Points

When using a subsidiary ledger, the Accounts Receivable account in the general ledger is called the _______ account.

 

[removed]

A. master

 

[removed]

B. subsidiary

 

[removed]

C. receivable

 

[removed]

D. controlling

 

Question 18 of 20

0.0/ 5.0 Points

A collected payment from a credit customer will be recorded with a

 

[removed]

A. credit to an asset account.

 

[removed]

B. credit to a liability account.

 

[removed]

C. credit to Capital.

 

[removed]

D. None of the above

 

Question 19 of 20

5.0/ 5.0 Points

R&R Lumber reports gross sales of $70,000. If sales returns and allowances are $10,000 and sales discounts are $3,000, what are the net sales?

 

[removed]

A. $83,000

 

[removed]

B. $63,000

 

[removed]

C. $57,000

 

[removed]

D. $70,000

 

Question 20 of 20

5.0/ 5.0 Points

Payment of $99 for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period. This was recorded with a debit to Sales Discounts for $1, a debit to Cash for $99, and a credit to Accounts Receivable for $100, but no mention was made of the subsidiary ledger account. This error will cause the

 

[removed]

A. net income for the period to be overstated.

 

[removed]

B. net income for the period to be understated.

 

[removed]

C. control account to not agree with the subsidiary ledger.

 

[removed]

D. assets to be overstated.

 
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