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key+to+sample+exam+3 - Key to Sample Exam 3 I. Multiple...

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Key to Sample Exam 3 I. Multiple choices: 1 D 2 A 3 A 4 A 5 C 6 C 7 D 8 A 9 C 10 B II. Merchandising operations 1. Perpetual inventory system (a) Brown’s books June 4 Merchandise Inventory ………………………………… 5,000 Accounts Payable………………………………. 5,000 12 Accounts Payable………………………………………… 500 Merchandise Inventory…………………………. 500 12 Accounts Payable………………………………………… 4,500 Cash………………………………………………. 4,500 (b) Johns’ books June 4 Accounts Receivable……………………………………. . 5,000 Sales………………………………………………. 5,000 4 Cost of Goods Sold………………………………………. 3,500 Merchandise Inventory…………………………. . 3,500 12 Sales Returns and Allowance…………………………… 500 Accounts Receivable……………………………. 500 12 Merchandise Inventory……………………………………
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key+to+sample+exam+3 - Key to Sample Exam 3 I. Multiple...

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