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Practice test chap 56

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KRUG PRACTICE TEST ACCTG 1 - CHAP 5,6 PRACTICE TEST -- The following is a practice test for Accounting 1, Chapters 5 and 6 It is only a representation of wha the test could be like. It is not a guarantee in any way that ONLY these types of questions will be asked, on the number of questions, nor on the breakdown between multiple choice and problems. 1 The records for Uptown Pet Shop showed the following:Sales $225,000 Beginning merchandise inventory $ 30,000 Purchases 135,000 Cost of goods sold 150,000 What was the ending merchandise inventory? A) $120,000 B) $ 75,000 C) $ 45,000 D) $ 15,000 E) None of the above 2 Under a perpetual inventory system merchandise is purchased for cash. Which is the correct journal entry to record this purchase? A) Debit to Purchases and a credit to Cash B) Debit to Merchandise Inventory and a credit to Accounts Payable C) Debit to Merchandise Inventory and a credit to Cash D) Debit to Purchases Returns and Allowances and a credit to Cost of Goods Sold E) None of the above 3 An item of merchandise with a list price of $200 was purchased with a trade discount of 40% and credit terms of 3/10, n/30. The vendor was paid within the discount period. From the buyer's standpoint, which is the correct journal entry to record the payment? A) Accounts Payable, debit, $200.00; Purchases Discount, credit, $86.00; Cash, credit, $114.00 B) Accounts Payable, debit, $80.00; Merchandise Inventory, credit, $2.40; Cash, credit, $77.60 C) Accounts Payable, debit, ...
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