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Practice Exam 2 ch 4-6

Practice Exam 2 ch 4-6 - Review Assessment 2291 Practice...

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Review Assessment: 2291 Practice Exam 2 Question 1 0 out of 0 points Merchandise with an invoice price of $4,000 is purchased on June 2 subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $150. What is the cost of the merchandise if paid on June 12, assuming the discount is taken? Correct Answer: Question 2 0 out of 0 points Java-Bean Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $25 plus $1 of sales taxes. Date Account Credited
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Question 2 0 out of 0 points General Ledger Acct: Cash 10 Acct Receivable 12 Retail Supplies 15 Sales Tax Payable 23 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43 Java-Bean Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. If the company is to record the cash sale of food for $25 plus $1 of sales taxes. Which is the correct entry?
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Question 2 0 out of 0 points Date Account Credited General Ledger Acct: Cash 10 Acct Receivable 12 Retail Supplies 15 Sales Tax Payable 23 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43 Correct Answer: Question 3 0 out of 0 points Prepaid insurance is reported on the balance sheet as a Correct Answer:
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Question 4 0 out of 0 points The Balance Sheet should be prepared Correct Answer: Question 5 0 out of 0 points A fiscal year Correct Answer: Question 6 0 out of 0 points If merchandise sold on account is returned to the seller, the seller may inform the customer of the details by issuing a Correct Answer: Question 7 0 out of 0 points Java-Bean Coffee Shop, in an effort to stream line its accounting system, has decided to
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Question 7 0 out of 0 points utilize a Cash Receipts Journal in its operation. What would be recorded as the Post Ref for the Other column, and where on the journal would it appear? Date Account Credited 3/31/06 General Ledger Acct: Cash 10 Acct Receivable 12 Retail Supplies 15 Sales Tax Payable 23 Beverage Revenue 41 Food Revenue 42 Retail Revenue 43 Correct Answer:
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Question 7 0 out of 0 points Question 8 0 out of 0 points Which of the following is recorded in the general journal? Correct Answer: Question 9 0 out of 0 points Red Rock Stone purchased a one-year liability insurance policy on January 1st of this year for $3,600 and recorded it as a prepaid expense. From the selections of a. through d., select the value that would be utilized in the closing entry for insurance expense and prepaid insurance during the closing process at the end of the first fiscal period on January 31st. Correct Answer: Question 10 0 out of 0 points Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a Correct Answer:
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Question 11 0 out of 0 points At the end of the month, the total of the amount column of the revenue journal is posted as a Correct Answer: Question 12 0 out of 0 points A sales invoice included the following information: merchandise price, $4,000; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a
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