ACC 231 ASU Exam 2 Wolfe Question and Well Detailed answers already graded A+|| passed 2025/2026

ACC 231 ASU Exam 2 Wolfe Question and
Well Detailed answers already graded
A+|| passed 2025/2026
Journal Entry for Purchasing Inventory from a Supplier -CORRECTANSWER DR

Inventory $

CR Cash/Accounts Payable $



Journal Entry for Returning Items to a Supplier -CORRECTANSWER DR Accounts

Payable or Cash $

CR Inventory $



Recording Sale of Inventory to Customers -CORRECTANSWER must have a journal

entry for recording revenue and one for the COGS



Journal Entry for Sale of Inventory (recording revenue) -CORRECTANSWER DR Cash

or Accounts Receivable $

CR Revenue $



Journal Entry for Sale of Inventory (recording COGS) -CORRECTANSWER DR COGS

$

CR Inventory $

, Recording Customer Returns -CORRECTANSWER must have a journal entry for the

sales return transaction and one for the returned inventory



Journal Entry for Customer Returns (recording sales return) -CORRECTANSWER DR

Sale Returns and Allowances $

CR Cash or Accounts Receivable $



Journal Entry for Customer Returns (recording returned inventory) -

CORRECTANSWER DR Inventory $

CR COGS $



Formula for Calculating a Sales Discount/Purchase Discount -CORRECTANSWER

dollar amount x % = the discount



Meaning of 5/20, n30 -CORRECTANSWER 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 -CORRECTANSWER -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 -CORRECTANSWER -title changes hands as

soon as the shipment/goods leave the supplier's warehouse