ACCT 701 Module 2 Assessment 2 Review 2018.docx - Module 2...

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Module 2 Assessment 2 2018 Review 9/9 100%Question1"Y" Company began the accounting period with $60,000 of merchandise, and net cost of purchaseswas $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period.The cost of goods sold of Y Company for the period is:Select one:a. $252,000.b. $228,000.c. $168,000.d. $300,000.e. None of the above.
Question2A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of themerchandise was returned and the remaining amount due was paid within the discount period, thepurchase discount would be:Select one:
Question3On a sales invoice, "2/10, n/30" meansSelect one:
e. If paid within 10 days, take a cash discount of 2%. Otherwise, the full amount is due within 30days.

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Term
Fall
Professor
Dr. Jo McGee
Tags
Accounting, Balance Sheet, Income Statement, Revenue, Generally Accepted Accounting Principles, Uncollectible Accounts

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