ACC 2 Unit 1.00

Accounts Payable/Douglas's Office Supplies, Accounts Payable/McKoy Equipment Company, and Accounts Payable/Sully Office Repair are all classified as:

• assets

• revenue

• liabilities

• owner's equity

Sunny Side Furniture received $250 cash from Vince Turner for payment on account. The journal entry for Sunny Side Furniture to record this transaction is:

• debit Cash, $250; credit Sales, $250

• debit Sales, $250; credit Cash, $250

• debit Cash, $250; credit Accounts Receivable/Vince Turner, $250

• debit Accounts Receivable/Vince Turner, $250; credit Cash, $250

Betty Lou's Variety Store recorded cash and credit card sales of shoes, $500, pocketbooks, $300, and sales tax, $50, for a total of $850, Tape 33. The journal entry to record the transaction is:

• debit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50; credit Cash, $850

• debit Cash, $850; credit Sales-Shoes, $500, Sales-Pocketbooks, $300, Sales Tax Payable, $50

• debit Cash, $800; credit Sales, $800

• debit Sales, $800; credit Cash, $800

Booming Corporation purchased CDs on account from Hear All Supply Company, $500, Purchase Invoice No. 5. The correct entry to record the transaction is:

• debit Cash, $500; credit Hear All Supply Company, $500

• debit Hear All Supply Company, $500; credit Cash, $500

• debit Purchases-CDs, $500; credit Accounts Payable/Hear All Supply Company, $500

• debit Accounts Payable/Hear All Supply Company, $500; credit Purchases-CDs, $500

Smith Corporation paid cash for audio department supplies, $800, Check No. 56. The journal entry to record the transaction is:

• debit Cash, $800; credit Supplies-Audio, $800

• debit Cash, $800; credit Purchases, $800

• debit Purchases, $800; credit Cash, $800

• debit Supplies-Audio, $800; credit Cash, $800

Booming Corporation returned some cracked CDs to Hear All Supply Company, $100, from Purchase Invoice No. 5, Debit Memo No. 55. The journal entry to record the transaction is:

• debit Accounts Payable, $100; credit Cash, $100

• debit Cash, $100; credit Accounts Payable, $100

• debit Accounts Payable/Hear All Supply Company, $100; credit Purchases Returns and Allowances-CDs, $100

• debit Purchases Returns and Allowances-CDs, $100; credit Accounts Payable/Hear All Supply Company, $100

Jan's Corporation paid cash for Utilities Expense, $600, Check No. 36. The journal entry for the transaction is:

• debit Accounts Payable, $600; credit Cash, $600

• debit Cash, $600; credit Utilities Expense, $600

• debit Expenses, $600; credit Accounts Payable, $600

• debit Utilities Expense, $600; credit Cash, $600

Jones Department Store has two divisions: the Men's Department and the Women's Department. The accountant is preparing interim reports for the company and is currently working on completing a worksheet. The Men's Department columns show a debit total of $435,809 and a credit total of $387,991. The Women's Department columns show a debit total of $375,200 and a credit total of $410,700. Based on this information, what is the departmental margin for the Men's Department?

• $35,500 net income

• $47,818 net income

• $35,500 net loss

• $47,818 net loss

The Daisy Company wants to determine the gross profit for the past quarter. Per the general ledger, sales are equal to $152,000, beginning inventory is equal to $67,330, net purchases are equal to $87,800, and estimated ending inventory has been calculated to be $83,650. Based on this information, what is the gross profit for the Daisy Company?

• $63,180

• $71,480

• $80,520

• $88,820

Cole’s Custom Designs offers custom skateboards and skateboard gear for sale. Alice is the accountant for the company, and she is currently preparing the Departmental Margin statements. Based on the information provided, what is the Merchandise Available for Sale for the Skateboards Division?

• $7,290

• $8,700

• $8,800

• $15,500