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- 1. Multiple ChoiceA company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________.
$600$630
$660
$620 - 2. Multiple ChoiceFrom the following details, calculate net sales revenue.
Sales Revenue $400,000
Cost of Goods Sold 300,000
Operating Expenses 75,000
Sales Discounts 20,000
Sales Returns and Allowances 8,000
Interest Revenue 6,000
$392,000
$372,000
$359,000
$351,000 - 3. Multiple ChoiceThe Merchandise Inventory account balance is $50,000. An physical count of inventory reveals that actual inventory balance is $42,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)a $8,000 credit to Cost of Goods Solda $50,000 debit to Cost of Goods Solda $8,000 credit to Merchandise Inventorya $42,000 credit to Merchandise Inventory
- 4. Multiple ChoiceExpenses that fall outside the regular operations of a business are ________.not shown in the income statement of a merchandisertreated as current assets and are shown as merchandise inventoryincluded under the other revenues and expenses section of the income statementnot considered for the calculation of net income
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