I need help with an accounting assignment

Nov 30th, 2015
Steve1995
Category:
Accounting
Price: $10 USD

Question description

To prove that the subsidiary ledger agrees with the Accounts Payable controlling account balance, complete a

 A. debit memorandum.

B. schedule of accounts payable.

C. purchase order.

D. schedule of accounts receivable.


On June 15, Paradise Park purchased merchandise for the racetrack. The invoice was for $4,500, terms 2/10, n/30. On June 20, Paradise Park returned $200 of merchandise for credit. On June 25, it paid the amount owed. The debit to Purchases on June 15 is

  A. $4,214.00.

  B. $4,786.00.

  C. $4,300.00.

  D. $4,500.00.


On November 30, Janoch’s Dog Kennel purchased $600 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is

  A. $600.

  B. $640.

  C. $560.

  D. $550.


When merchandise is bought for resale, which account would be decreased?

  A. Store Equipment

  B. Purchases

  C. Cash

  D. Capital


The entry to record a payment on a $600 account within the 2% discount period would include a

  A. debit to Accounts Payable for $588.

  B. debit to Accounts Payable for $600.

  C. credit to Purchases for $588.

  D. debit to Cash for $600.


The entry to record returned merchandise to Vans Company is which of the following?

  A. Debit Purchases Returns and Allowances; credit Accounts Payable in the general ledger

  B. Debit Accounts Payable; credit Purchases

  C. Debit Accounts Payable/Vans Company in the accounts payable subsidiary ledger; debit Accounts Payable in the general ledger; credit Purchases Returns and Allowances

  D. Debit Purchases; credit Accounts Payable


A debit memorandum increases which account on the buyer’s books?

  A. Accounts Payable

  B. Purchases Returns and Allowances

  C. Sales Returns and Allowances

  D. Accounts Receivable


Tutor Answer

(Top Tutor) Daniel C.
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School: Carnegie Mellon University
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