ACCTG 211 Merchandise Inv
3 years ago
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  • Question 1
    30 seconds
    Q. A 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  ________.
    answer choices



  • Question 2
    30 seconds
    Q. From 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
    answer choices




  • Question 3
    30 seconds
    Q. The 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.)
    answer choices
    a​ $8,000 credit to Cost of Goods Sold
    a​ $50,000 debit to Cost of Goods Sold
    a​ $8,000 credit to Merchandise Inventory
    a​ $42,000 credit to Merchandise Inventory
  • Question 4
    30 seconds
    Q. Expenses that fall outside the regular operations of a business are​ ________.
    answer choices
    not shown in the income statement of a merchandiser
    treated as current assets and are shown as merchandise inventory
    included under the other revenues and expenses section of the income statement
    not considered for the calculation of net income
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