- 6 02 Notas Multiple Choice Questions Under The Gross Method For Sales Registration Merchandise Inventory With A Price 1 (25.28 KiB) Viewed 35 times
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6:02 11 . Notas Register through the following salary entry: A. debit to Bank Credit Card Sales, debit to Credit Card Expense, and credit to Sales B. debit to Cash and credit to Sales C. Debit to Cash, credit to Credit Card Expense, and credit to Sales D. debit to Sales, debit to Credit Card Expense, and credit to Cash 3. When comparing a merchandise buying and selling company with a service company, The financial statement that changes the least is the A. Balance Sheet B. Income Statement
6:02 . < Notas The financial statement that changes the least is the A. Balance Sheet B. Income Statement C. Statement of Owner's Equity D. Statement of Cash Flow 4. Which of the following accounts has a normal debit balance? A. Payable Accounts B. Sales C. Sales Returns and Allowances D. Interest Revenue 5. Under the net method for sales
6:02 . < Notas 5. Under the net method for sales registration, merchandise inventory with a price of Sale of $800 is sold on credit under the terms 2/10, 1/30. The salary ticket for Registering this sale includes A. debit to Cash for $800 B. Due to Sales Discounts for $16 C. Sales credit for $800 D. debit to Accounts Receivable for $784 6. Which of the following is not a difference between a company that buys and sells? Merchandise and a service company? A. the product you sell B. the inclusion of gross profit in the income
6:02 11 . < Notas Merchandise and a service company? A. the product you sell B. the inclusion of gross profit in the income statement C. the accounting equation D. the merchandise inventory account included in the balance sheet 7. When comparing a merchandise buying and selling company with a service company, The financial statement that changes the most is the A. Balance Sheet B. Statement of Owner's Equity C.
6:02 ... Notas C. Statement of Cash Flow D. Income Statement 8. The multiple-step income statements show A. gross profit but no income from operations B. both gross profit and income from operations C. income from operations but does not show the gross profit D. neither the gross profit nor the figure of income from operations 9. Under the gross method of accounting for sales and returns, the entry of wages for Registering a return of a customer's merchandise will include
6:02 . < Notas Registering a return of a customer's merchandise will include A. debit to Sales B. Credit to Sales C. Debit to Sales Returns and Allowances D. Credit to Sales returns and Allowances 10. The statement of owner's equity shows A. only net income and the initial and final balance of the capital account B. only the total assets, and the initial and final balance sheet of the Cardinal C. only the net income, cash, initial balance of the capital account, and the Withdrawals by owner
6:02 Notas Cardinal C. only the net income, cash, initial balance of the capital account, and the Withdrawals by owner D. net income or net loss, additional investments by owner, and withdrawals 11. In the multiple-step income statement, where is the breakdown of the selling and Administrative expenses? A. before the gross profit figure B. after the number of sales and before gross profit C. After net income before expenses D. after the gross profit figure