000 B. $61,500 C. $58,500 D. $38,500 Question 10 of 20 0.0/ 5.0 Points Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to 2023 Business Finance
2023 quetion 10 20 Question 10 of 20 0 0 5 0 Points Secret Trails received payment
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Question 10 of 20
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0.0/ 5.0 Points
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Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to record this payment?
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A. Debit Cash $900; credit Accounts Receivable Sales $900
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[removed]
B. Debit Cash $936; debit Sales Discount $18; credit Accounts Receivable $954
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[removed]
C. Debit Cash $954; credit Sales $954
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[removed]
D. Debit Cash $936; credit Sales $936
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Question 11 of 20
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0.0/ 5.0 Points
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The collection on an account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause the
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[removed]
A. the net income for the period to be understated.
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[removed]
B. the net income for the period to be overstated.
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C. the control account to not agree with the subsidiary ledger.
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D. the assets to be overstated.
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Question 12 of 20
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0.0/ 5.0 Points
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If a credit memorandum is issued, which account will be decreased on the seller’s books?
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[removed]
A. Accounts Receivable
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[removed]
B. Accounts Payable
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[removed]
C. Sales Discount
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D. Sales Returns and Allowances
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Question 13 of 20
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0.0/ 5.0 Points
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The principal ledger containing all the balance sheet and income statement accounts is the _______ ledger.
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A. general
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B. creditors’
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C. customers’
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D. subsidiary
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Question 14 of 20
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0.0/ 5.0 Points
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Monica’s Closet received payment in full for goods sold within the discount period on a $500 sales invoice, terms 2/10, n/30. Which entry records this payment?
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A. Debit Accounts Receivable; credit Sales $500
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B. Debit Cash; credit Accounts Receivable $500
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C. Debit Cash $490, debit Sales Discount $10; credit Sales $500
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D. Debit Cash $490, debit Sales Discount $10; credit Accounts Receivable $500
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Question 15 of 20
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0.0/ 5.0 Points
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Which statement about subsidiary ledgers is most accurate?
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A. The subsidiary ledger accounts will never equal the control account in the general ledger.
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B. The Accounts Receivable subsidiary ledger is a book of accounts that provides supporting detail for Accounts Receivable.
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C. The subsidiary ledger accounts will equal the amount in the Sales account.
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D. All of the above
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Question 16 of 20
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0.0/ 5.0 Points
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A received payment within the discount period for previously merchandise sold will be recorded with a
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A. credit to an asset account.
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B. debit to a liability account.
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C. debit to Capital.
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D. None of the above
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Question 17 of 20
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0.0/ 5.0 Points
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When using a subsidiary ledger, the Accounts Receivable account in the general ledger is called the _______ account.
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A. master
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B. subsidiary
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[removed]
C. receivable
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[removed]
D. controlling
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Question 18 of 20
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0.0/ 5.0 Points
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A collected payment from a credit customer will be recorded with a
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[removed]
A. credit to an asset account.
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[removed]
B. credit to a liability account.
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C. credit to Capital.
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D. None of the above
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Question 19 of 20
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5.0/ 5.0 Points
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R&R Lumber reports gross sales of $70,000. If sales returns and allowances are $10,000 and sales discounts are $3,000, what are the net sales?
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A. $83,000
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B. $63,000
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C. $57,000
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D. $70,000
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Question 20 of 20
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5.0/ 5.0 Points
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Payment of $99 for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period. This was recorded with a debit to Sales Discounts for $1, a debit to Cash for $99, and a credit to Accounts Receivable for $100, but no mention was made of the subsidiary ledger account. This error will cause the
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[removed]
A. net income for the period to be overstated.
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[removed]
B. net income for the period to be understated.
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[removed]
C. control account to not agree with the subsidiary ledger.
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[removed]
D. assets to be overstated.
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