I need help with an accounting assignment

timer Asked: Nov 30th, 2015
account_balance_wallet $10

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

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