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Accounting Chap 11

Puneet Gill

on 4 June 2013

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Transcript of GAME TIME! :D

photo credit Nasa / Goddard Space Flight Center / Reto Stöckli Puneet, Jasdeep, Suruchi and Namrataa AROUND THE WORLD IN 30 QUESTIONS True OR False
The beginning inventory is credited during the closing entries. Which of the following is a term of sale example(s)? Question Question Question Question Question Question What is a merchandising business? What is the short form for the account 'purchases of merchandise for resale'? What is the equation for net income? True OR False
Gross profit can be higher than net income. On the worksheet which of the three accounts have debit values on the income statement?
1.Beginning Inventory
2. Ending Inventory
3 Purchases
4. Freight-in? Question Cost of Merchandise Sold
Inventory, January 1
Less: Returns and Allowances
Discounts Earned
Net Purchases
Inventory, December 31
Gross Profit True OR False
A company HAS to use the sales returns and allowances account when a customer returns a merchandise bought earlier but returned later. Question Question What is another name for credit invoice? Question What is net sales? Question True or False
Net Purchases=Purchases -[Returns and Allowances + Discounts Earned] Question Question What does 2/10, n/30 mean? Question What does C.O.D stand for? Question If inventory was stolen, lost or damaged under
the perpetual system, you would credit
merchandise inventory BUT what would you debit? Question What is a perpetual inventory system? Question True or False:

The perpetual inventory system no longer has the purchases and freight-in accounts. Question Question Determine the beginning inventory if...
The ending inventory is $35 000,
Purchases/Freight-in are $140 000 and
Cost of Goods Sold is $150 000 Fill in the blanks:

________________ $_____________
Purchases $ 70 000
________________ $90 000
Merchandise Sold $35 000
________________ $55 000 Question A. A business where you make goods
B. A business where you buy goods and resell them
C. A business where you sell a intangible item
D. None of the above True OR False
Sales - Cost of Goods Sold = Gross Profit Question Question Sales - COGS = Gross Profit
$200 - ________ = $75 Beginning Inventory= $12 000
Ending Inventory= $30 000
COGS= $47 000
Freight-In= $1 000
Purchases=? Question What section is missing? Question Fill in the Blanks (State the closing entries)

1. _____________________
Income Summary

2. Income Summary

3. Income Summary

4. _______________
_______________ Update the Merchandise Inventory Account on General Ledger
Beginning Inventory= $47 000
Ending Inventory= $55 000

Merchandise Inventory Question Question Credit Invoice: (You are the seller)

Sales $47.50
HST ______ $6.18
__________ $_____ Gill Wholesales sold $95 worth of goods to Aujla Retailers. However, Aujla notices that half of the goods are defective and they return the goods. A credit invoice is issued by the Gill Wholesalers. State the following credit invoice in the ledger
Original Price= $ 95 Returned= $47.50
HST Payable= $12.36 HST Payable= $6.18
A/R= $107.36 A/R= $53.68 A. Purchases
B. Freight-In
C. Delivery Expense
D. A and C Question
P.Gill bought a good ($50) from Aujla Manufacturers on May 21 which offers a 2/10,n30 discount. P. Gill paid on May 24.

a) Does P.Gill receive a discount? Yes or No
b) If Yes, then how much? Fill in the Blank Question A. Sales -Operating Expenses = Net Income
B. Net Sales - Net Purchases = Net Income
C. Sales - Cost of Goods Sold = Net Income
D. All of the above Gill Wholesales sold a good to Aujla Retailers for $600. The good was somewhat defective but Aujla Retailers kept it as Gill Wholesales agreed on giving a discount to Aujla Retailers. In the end, Aujla Retailers paid $550. State this Journal entry.

Bank $550
_____________ $____
A/R $600 Question A. Credit Note
B. Less: Credit
C. Returns and Allowances
D. There is no other name Sales= $400 000
Sale Returns = $25 575
Net Sales=? Question Purchases= $47 500
Returns= $21 700
Net Purchase=? Question A. Sales - Sales Returns
B. The 'actual' number of sales you made
C. It is actually related to purchases
D. A and B
E. All of the above A. If bill is paid within 2 days of the invoice date., a cash discount of 10% may be taken. Otherwise the full amount is due in 30 days.

B. If bill is paid within 10 days of the invoice date, a cash discount of 2% may be taken. Otherwise the full amount is due in 30 days. A. Cash on Delivery
B. 30 Days or Net 30
C. 2/10,n/30
D. 1/15, n/60
E. None of the above
F. All of the above A. Cash on Delivery
B. Call of Duty
C. Cash Discount
D. Cash on Debt A. Final inventory is not known until the end of the period
B. A form of HST
C. Record of items in stock are kept up-to-date
D. None of the above A sales invoice was issued on March 15th for the amount of $175. The terms of the sale were 5/10, 2/30. How much would the customer pay if they sent the cheque on March 20 th? Question What is the journal entry for a sale for the Perpetual Inventory System? Question What is the journal entry for a shrinkage?
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