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Financial Accounting
Chapter 5 quick check
| Question | Answer |
|---|---|
| Which account does a merchandiser use that a service company does not use? | Cost of Goods sold, Inventory, Sales revenue |
| The two main inventor accounting systems are the | perpetual and periodic |
| The journal entry for the purchase of inventory on account is | Debit inventory, credit accounts payable |
| JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. What is JC Manufacturing's final cost of the inventory that it kept? (Round) | $3.117 |
| Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report? | $103,000 |
| Suppose Dave's Discount's Inventory account showed a balance of $8,000 before the year-end adjustment. The physical count of goods on hand totaled $7,400. To adjust the accounts, Dave Marshall would | Debit cost of goods sold, credit inventory |
| Which account in the Dave's discount question would Dave Marshall close at the end of the year? | Cost of goods sold |
| The final closing entry for a corporation is | Debit retained earnings, credit dvidends |
| Which subtotals appear on a multi-step income statement but do not appear on a single-step income statement? | Gross profit and Income from operations |
| Assume JND made a net Sales of $90,000 and Cost of goods sold totaled $58,000. Average inventory was $17,000. What was JND's gross profit percentage for this period? | 36% |
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ylleknicole