Service

Chat Now

The term used when the purchaser is responsible for the cost of freight is A) F.O.B. shi

The term used when the purchaser is responsible for the cost of freight is A) F.O.B. shi

 The term used when the purchaser is responsible for the cost of freight is

A) F.O.B. shipping point.

B) F.O.B. destination.

C) Freight-In.

D) Purchases.

 

32) The term used when the seller is responsible for the cost of freight is

A) F.O.B. shipping point.

B) F.O.B. destination.

C) Freight-In.

D) Purchases.

 

33) Hardware Restoration had net purchases of $40,000. If Purchases Returns and Allowances are $10,000 and Purchases Discounts are $1,500, what are gross purchases?

A) $28,500

B) $30,000

C) $51,500

D) $38,500

34) R&R Lumber reports Purchases of $40,000. If Purchases Returns and Allowances are $6,000 and Purchases Discounts are $1,500, what are the net Purchases?

A) $47,500

B) $32,500

C) $38,500

D) $36,000

 

35) On February 12, Clare purchased $350 of merchandise on account from Larsen's Accessories, terms 2/10, n/30. The goods were shipped F.O.B. destination. The freight charge was $40. The amount to be recorded in the Accounts Payable Subsidiary ledger is

A) $343.

B) $383.

C) $350.

D) $390.

 

36) 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

 

37) Tyler returned $400 of merchandise within the discount period. The entry to record the return is to

A) debit Purchases for $400; credit Accounts Payable for $400.

B) debit Purchases for $400; credit Purchases Returns and Allowances for $400.

C) debit Accounts Payable/Suppliers Name for $400; credit Purchases Returns and Allowances for $400.

D) debit to Accounts Payable for $400, credit Purchases Discount for $400.

 

38) Rosie brings merchandise into her clothing store for resale to customers. Which journal would Rosie use to record this transaction if the merchandise was acquired on credit?

A) Sales

B) Cash Payments

C) Purchases

D) Cash Receipts

39) Ralph's Dairy on May 31 has the following account balances:

 

Sales$10,000

Sales Returns and Allowances1,000

Purchases7,000

Freight-In500

Purchases Returns and Allowances1,000

Purchases Discounts700

 

Based on the above, net purchases for the period are

A) $4,300.

B) $6,300.

C) $5,300.

D) $5,800.

 

40) A form used internally for requesting the purchase department to buy goods is a

A) purchase invoice.

B) sales invoice.

C) purchase requisition.

D) receiving report.

Tripti 06-Dec-2019

Answer (UnSolved)

question Get solution