Accounting 2001 Chapter 5, 6 & 7 Exam with || || || || || || || || ||
accurate detailed answers || ||
A merchandiser - ✔✔buys and sells inventory
|| || || || || ||
How do you journalize adding shipping costs into the actual asset - ✔✔Inventory
|| || || || || || || || || || || ||
|| Cash
How to journalize a purchase return or a purchase allowance (buyer) - ✔✔Accounts Payable
|| || || || || || || || || || || || ||
|| Inventory
How to journalize something that if payed on time there would be a discount and the person paid
|| || || || || || || || || || || || || || || || || ||
on time - ✔✔Accounts Payable
|| || || ||
|| Inventory
|| Cash
What if someone just paid within the maturation period and did not take advantage of the discount
|| || || || || || || || || || || || || || || ||
- ✔✔Accounts Payable
|| || || ||
|| Cash
When are the sales recorded? - ✔✔when GOOD TRANSFER from SELLER to BUYER
|| || || || || || || || || || || ||
What are the 2 Entries to Record a Sell: - ✔✔Accounts Receivable
|| || || || || || || || || || ||
|| Sales Revenue ||
Cost of Goods Sold || || ||
|| Inventory
, What are the two Entries to record a return (from the sellers point of view) - ✔✔Sales Returns
|| || || || || || || || || || || || || || || || || ||
and Allowances
||
|| Accounts Receivable || ||
Inventory
|| Cost of Goods Sold
|| || ||
A Sales Discount account is what kind of account: - ✔✔A contra revenue account
|| || || || || || || || || || || || ||
A mulitple step income statement is used because : - ✔✔it highlights the components of net
|| || || || || || || || || || || || || || || ||
income
Other Revenues and Gains ; Acronym and what do they stand for - ✔✔I DONT GET RED;
|| || || || || || || || || || || || || || || || ||
Interest Revenue, Dividends, Gains, and Rent Revenue
|| || || || || ||
Other Expenses and Losses; Acronym and what do they stand for - ✔✔I CARE SARAH SALLY;
|| || || || || || || || || || || || || || || ||
Interest Expense, Casualties, Sale and abandonment, Strikes and supplies
|| || || || || || || ||
What is the important parts of the Multi- Step Income Statement (name everything) - ✔✔Sales
|| || || || || || || || || || || || || || ||
Revenue
Net Sales || ||
Cost of Goods Sold
|| || || ||
Gross Profit ||
Operating Expenses ||
Income from Operations || || ||
Other Revenues and Gains || || || ||
Other Expenses and Losses || || ||
Income before Taxes || ||
accurate detailed answers || ||
A merchandiser - ✔✔buys and sells inventory
|| || || || || ||
How do you journalize adding shipping costs into the actual asset - ✔✔Inventory
|| || || || || || || || || || || ||
|| Cash
How to journalize a purchase return or a purchase allowance (buyer) - ✔✔Accounts Payable
|| || || || || || || || || || || || ||
|| Inventory
How to journalize something that if payed on time there would be a discount and the person paid
|| || || || || || || || || || || || || || || || || ||
on time - ✔✔Accounts Payable
|| || || ||
|| Inventory
|| Cash
What if someone just paid within the maturation period and did not take advantage of the discount
|| || || || || || || || || || || || || || || ||
- ✔✔Accounts Payable
|| || || ||
|| Cash
When are the sales recorded? - ✔✔when GOOD TRANSFER from SELLER to BUYER
|| || || || || || || || || || || ||
What are the 2 Entries to Record a Sell: - ✔✔Accounts Receivable
|| || || || || || || || || || ||
|| Sales Revenue ||
Cost of Goods Sold || || ||
|| Inventory
, What are the two Entries to record a return (from the sellers point of view) - ✔✔Sales Returns
|| || || || || || || || || || || || || || || || || ||
and Allowances
||
|| Accounts Receivable || ||
Inventory
|| Cost of Goods Sold
|| || ||
A Sales Discount account is what kind of account: - ✔✔A contra revenue account
|| || || || || || || || || || || || ||
A mulitple step income statement is used because : - ✔✔it highlights the components of net
|| || || || || || || || || || || || || || || ||
income
Other Revenues and Gains ; Acronym and what do they stand for - ✔✔I DONT GET RED;
|| || || || || || || || || || || || || || || || ||
Interest Revenue, Dividends, Gains, and Rent Revenue
|| || || || || ||
Other Expenses and Losses; Acronym and what do they stand for - ✔✔I CARE SARAH SALLY;
|| || || || || || || || || || || || || || || ||
Interest Expense, Casualties, Sale and abandonment, Strikes and supplies
|| || || || || || || ||
What is the important parts of the Multi- Step Income Statement (name everything) - ✔✔Sales
|| || || || || || || || || || || || || || ||
Revenue
Net Sales || ||
Cost of Goods Sold
|| || || ||
Gross Profit ||
Operating Expenses ||
Income from Operations || || ||
Other Revenues and Gains || || || ||
Other Expenses and Losses || || ||
Income before Taxes || ||
