ACC 2 Unit 1.00

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

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liabilities

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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:

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

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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. The journal entry to record the transaction is:

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

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

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

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

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

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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:

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

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

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

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The Daisy Company wants to determine the gross profit for the past quarter. 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. What is the gross profit?

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$80,520

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What is the Merchandise Available for Sale for the Skateboards Division at Cole’s Custom Designs?

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$15,500

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What is the component percentage for the Cost of Merchandise Sold for the Clothing Division?

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40%