ACCTG 211 Merchandise Inv University Quiz

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4 questions

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1.

MULTIPLE CHOICE

30 sec • 1 pt

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 ________.

2.

MULTIPLE CHOICE

30 sec • 1 pt

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

3.

MULTIPLE CHOICE

30 sec • 1 pt

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.)

4.

MULTIPLE CHOICE

30 sec • 1 pt

Expenses that fall outside the regular operations of a business are ________.

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