# Exam2A - Exam 3A Practice Questions These questions are...

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Exam 3A Practice Questions These questions are provided to: 1. Give you a chance to test your knowledge, so that you can focus your efforts on your weakest areas. 2. Give you additional practice. 3. Let you see some possible ways in which I can set up multiple choice type problems. 4. Give you an idea as to the type and level of material that I generally choose for testing. This is NOT a study guide. Your test will likely be different both in specifics and construction. You need to understand the rules, not memorize the results. Your test will be all multiple choice. For most questions, your best strategy is to do the problem like it was a non-multiple choice homework problem. Do not "shop" the choices, you'll find a reason to choose each one and end up confused. Page 1 of 7

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Part 1 Record the following transactions in the accounting equation, assuming Gallup uses the periodic method, and the gross method for recording sales and purchase discounts. Assume Gallup has a \$5,000 beginning balance in inventory. If you make an entry under Retained Earnings, label it as one of the following: 1. Sales Revenue 2. Sales discounts 3. Sales returns 4. Purchases 5. Purchase discounts 6. Purchase returns 7. Cost of goods sold 8. Interest expense Ex. March 1: Gallup pays \$100 for interest expense incurred in March. 1. March 8: Gallup purchases \$40,000 of inventory from Providers, Inc., terms 3/15, n/60.
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## This note was uploaded on 03/12/2012 for the course ACCT 221 taught by Professor Catherinewest during the Spring '06 term at UMass (Amherst).

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Exam2A - Exam 3A Practice Questions These questions are...

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