ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check
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ACC 291T Assignment Week 1 Practice: Connect® Knowledge Check

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ACC 291T Week 1 Practice: Connect® Knowledge Check Complete the Week 1 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date Hour Place Clock Shop sold a grandfather clock for $3,750 subject to a 7% sales tax. The entry in the general journal will include a debit to Accounts Receivable for Multiple Choice $3,625.00. $4,012.50. $3,750.00. $3,487.50. The amount used by wholesalers to record sales in the general journal is Multiple Choice the retail price. the list price. the original price. the net price. Merchandise is sold on credit for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include a debit to Accounts Receivable for Multiple Choice $1,600.00. $1,696.00. $2,560.00. $1,504.00. The balance due from an individual customer can be found in: Multiple Choice the general journal. the Sales account in the general ledger. the accounts receivable subsidiary ledger. the Accounts Receivable account in the general ledger. The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes Multiple Choice a debit to Sales and a credit to Accounts Receivable. a debit to Accounts Receivable and a credit to Sales Returns and Allowances. a debit to Sales and a credit to Sales Returns and Allowances. a debit to Sales Returns and Allowances and a credit to Accounts Receivable. On June 12, Music, Inc. sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the entry to record the receipt of the customer’s payment: Multiple Choice Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 ________________________________________ • Cash 4,000 Accounts Receivable 4,000 ________________________________________ Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 ________________________________________ Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ________________________________________ Which of the following describes the Sales Returns and Allowances account? Multiple Choice A contra expense account with a normal debit balance. An expense account with a normal debit balance. A revenue account with a normal credit balance. A contra revenue account with a normal debit balance. Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a: Multiple Choice Debit to Account Receivable Debit to Accounts Payable Debit to Sales Returns and Allowances Credit to Sales Returns and Allowances Merchandise is sold for cash for $1,600 plus 6 percent sales tax. The journal entry to record the sale will include Multiple Choice a debit to Accounts Receivable for $1,600; a debit to Sales Tax Payable for $96 and a credit to Sales for $1,696. a debit to Cash for $1,600 and a credit to Sales for $1,600. a debit to Cash for $1,696, a credit to Sales Tax Payable for $96 and a credit to Sales for $1,600. a debit to Accounts Receivable for $1,696 and a credit to Sales for $1,696. Sales Returns and Allowances have the effect of Multiple Choice increasing expenses. increasing assets. decreasing total revenue. increasing total revenue. Kay Sadia sold merchandise for $7,200 subject to 8% sales tax. The entry in the general journal to record the sale will include: Multiple Choice a debit to Sales Tax Payable for $576.00. credit to Sales for $7,200.00. a debit to Accounts Receivable for $7,200.00. a credit to Sales for $7,776.00. On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, the journal entry to record the sale would include: Multiple Choice a debit to Accounts Receivable for $6,912 a credit to Sales for $6,912 a debit to Sales for $6,400 a debit to Sales Tax Payable for $512 A credit policy that is too tight may result in Multiple Choice high level of losses at the expense of increases in sales volume. high level of losses at the expense of decreases in sales volume. low level of losses at the expense of decreases in sales volume. low level of losses at the expense of increases in sales volume. On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $6,400 on account. If the sales tax on the sale is 8%, what is the amount debited to Accounts Receivable. Multiple Choice $5,888 $6,912 $6,400 $6,512 A schedule of accounts receivable is prepared Multiple Choice monthly. weekly. daily. yearly. All of the following are situations that can cause accounts receivable to become uncollectible, except Multiple Choice unexpected business developments. errors of judgment. efficient business practices. in financial data. Hugh Snow, the buyer, returned merchandise to Farley Co., the seller. The entry on the books of Farley company to record the return of merchandise from Hugh Snow would include a: Multiple Choice debit to Sales Returns and Allowances and a credit to Account Receivable. debit to Sales and a credit to Sales Returns and Allowances. debit to Sales Discounts and a credit to Accounts Receivable. debit to Accounts Payable and a credit to Sales Returns and Allowances. On June 12, Candy Suppliers sells $5,000 of goods on account to a credit customer with credit terms 1/10, n/30. Assume the sale is not subject to tax. On June 15, the customer returned $500 of the goods due to defect. Assume the customer pays within the discount period, select the entry to record the receipt of the customer’s payment: Multiple Choice Cash 4,455 Sales Discounts 45 Accounts Receivable 4,500 ________________________________________ Cash 5,000 Accounts Receivable 5,000 ________________________________________ Cash 4,950 Sales Discounts 50 Accounts Receivable 5,000 ________________________________________ Accounts Receivable 4,500 Sales Discounts 50 Cash 4,550 ________________________________________ ___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed. Multiple Choice Manufacturers Wholesalers Retailers Distributors All of the following are examples of the most common types of credit sales, except Multiple Choice cards issued by credit card companies. business credit cards. closed-account credit cards. bank credit cards. The Sales account is classified as Multiple Choice a contra revenue account. an asset account. a revenue account. a liability account. The entry to record the return of merchandise from a customer on which sales tax was charged includes Multiple Choice a debit to Sales Tax Payable. a debit to Accounts Receivable. a credit to Sales Tax Payable. a credit to Sales Returns and Allowances. If a firm had sales of $84,000 during a period and sales returns and allowances of $6,000, its net sales were Multiple Choice $6,000. $90,000. $84,000. $78,000. A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 8 percent, the entry to record the sales tax payment includes a debit to Sales Tax Payable for Multiple Choice $720. $880. $640. $800. A credit policy that is too lenient may result in Multiple Choice increased sales volume accompanied by a high level of losses. decreased sales volume accompanied by a low level of losses. increased sales volume accompanied by a low level of losses. decreased sales volume accompanied by a high level of losses. On October 12, Equipment Inc. sells $53,000 worth of equipment on account to a credit customer with credit terms of 1/10, n/30. Assume the sale is not subject to tax. Select the entry to record the sale on Oct 12. Multiple Choice Sales 53,000 Sales Discounts 530 Accounts Receivable 52,470 ________________________________________ Accounts Receivable 53,000 Sales Discounts 530 Sales 52,470 ________________________________________ Accounts Receivable 53,000 Sales 53,000 ________________________________________ • Cash 53,000 Sales 53,000 ________________________________________ A wholesale business sells goods with a list price of $800 and a trade discount of 36 percent. The net sales price is Multiple Choice $1,088.00. $512.00. $288.00. $800.00. The Sales Returns and Allowances account is reported Multiple Choice on the income statement as an addition to Sales. on the balance sheet as a deduction from Capital. on the income statement as a deduction from Sales. on the balance sheet as a deduction from Accounts Receivable. Which of the following is a common example of the distribution channel? Multiple Choice Customer sells to Wholesaler who sells to Retailer who sells to Wholesaler Manufacturer sells to Wholesaler who sells to Retailer who sells to Customer Manufacturer sells to Customer who sells to Wholesaler who sells to Retailer Manufacturer sells to Retailer who sells to Wholesaler who sells to Customer Which of the following is not one of the three basic types of businesses? Multiple Choice Service Manufacturing International Merchandising

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