Principles of Accounting I - Chapter 6 Quiz - WEEK 6.docx -...

Principles of Accounting I-E-AH Gisselle M. Moshanko
Chapter 6 Quiz
Question 1
2 Points
The entry to record inventory shrinkage under a perpetual inventory system
would include a debit to:
1. Inventory.
2. Inventory Shrinkage Expense.
3.
Cost of Merchandise Sold.
4. Sales.
2.
Question 2
2 Points
If each purchase and sale of merchandise is recorded in the inventory and the
cost of merchandise sold accounts, the method of accounting for merchandise
inventory is the:
Question 3
2 Points
When purchases of merchandise are made on account and the perpetual method
is used, the transaction would be recorded with the following entry:

Question 4
2 Points
During the current year, merchandise is sold for $300,000 cash and for $625,000