ACC 231 EXAM EXAMINATION TEST 2026 FULL QUESTIONS WITH ANSWERS GRADED A+

ACC 231 EXAM EXAMINATION TEST 2026 FULL
QUESTIONS WITH ANSWERS GRADED A+

◉ Journal Entry for Returning Items to a Supplier. Answer: DR
Accounts Payable or Cash $
CR Inventory $


◉ Recording Sale of Inventory to Customers. Answer: must have a
journal entry for recording revenue and one for the COGS


◉ Journal Entry for Sale of Inventory (recording revenue). Answer:
DR Cash or Accounts Receivable $
CR Revenue $


◉ Journal Entry for Sale of Inventory (recording COGS). Answer: DR
COGS $
CR Inventory $


◉ Recording Customer Returns. Answer: must have a journal entry
for the sales return transaction and one for the returned inventory


◉ Journal Entry for Customer Returns (recording sales return).
Answer: DR Sale Returns and Allowances $

, CR Cash or Accounts Receivable $


◉ Journal Entry for Customer Returns (recording returned
inventory). Answer: DR Inventory $
CR COGS $


◉ Formula for Calculating a Sales Discount/Purchase Discount.
Answer: dollar amount x % = the discount


◉ Meaning of 5/20, n30. Answer: 5% discount on purchase if the
amount is paid within 20 days of the purchase, otherwise the full
amount is due in 30 days


◉ Freight Shipping. Answer: -when freight is involved the shipping
terms are usually Free on Board Shipping Point or Free on Board
Destination
-specifies when title changes hands


◉ Free On Board (FOB) Shipping Point. Answer: -title changes hands
as soon as the shipment/goods leave the supplier's warehouse
-buyers pay for the freight because the costs can be directly
attributed to specific goods
-freight costs are often attached to the COGS that are being shipped