Chapter 10 Sales and Purchases

Chapter 10 Sales and Purchases

9th - 12th Grade

20 Qs

quiz-placeholder

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Chapter 10 Sales and Purchases

Chapter 10 Sales and Purchases

Assessment

Quiz

Life Skills

9th - 12th Grade

Medium

Created by

Sara Simpson

Used 12+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Down the River Canoe sold merchandise for cash to Low Rent Tours for $150, plus sales tax of $11. The journal entry for Down the River Canoe to record this transaction is:
debit Cash, $161; credit Sales, $150, Sales Tax Payable, $11.
debit Cash, $161; credit Accounts Receivable/Low Rent Tours, $161.
debit Accounts Receivable/Low Rent Tours, $161; credit Cash, $161.
debit Sales, $150, Sales Tax Payable, $11; credit Cash, $161.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Quick Supply sold office supplies for cash to Jet Set Travel for $45, plus sales tax of $3. The journal entry for Quick Supply to record this transaction is:
debit Sales, $45, Sales Tax Payable, $3; credit Accounts Receivable/Jet Set Travel, $48.
debit Accounts Receivable/Jet Set Travel, $48; credit Sales $45, Sales Tax Payable, $3.
debit Accounts Receivable/Jet Set Travel, $48; credit Cash, $48.
debit Cash, $48; credit Sales, $45, Sales Tax Payable, $3.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rubber Compounds sold merchandise for cash to The Shoe Maker for $773, plus sales tax of $56. The journal entry for Rubber Compounds to record this transaction is:
debit Cash, $829; credit Sales, $773, Sales Tax Payable, $56.
debit Sales, $773, Sales Tax Payable, $56; credit Cash, $829.
debit Accounts Receivable/The Shoe Maker, $829; credit Cash, $829.
debit Cash, $829; credit Accounts Receivable/The Shoe Maker, $829.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Hot Spot Donut Shop sold doughnuts on account to The Corner Church for $50. The journal entry for Hot Spot Donut Shop to record this transaction is:
debit Accounts Receivable/The Corner Church, $50; credit Purchases, $50.
debit Purchases, $50; credit Accounts Receivable/The Corner Church, $50.
debit Accounts Receivable/The Corner Church, $50; credit Sales $50.
debit Sales, $50; credit Accounts Receivable/The Corner Church, $50.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Aquatic Kingdom sold Quiet Pets some newly hatched goldfish on account for $145, plus sales tax of $10. The journal entry for the Aquatic Kingdom to record this transaction is:
debit Accounts Receivable/Quiet Pets, $155; credit Sales, $145, Sales Tax Payable, $10.
debit Sales, $145, Sales Tax Payable, $10; credit Accounts Receivable/Quiet Pets, $155.
debit Accounts Receivable/Quiet Pets, $155; credit Purchases, $155.
debit Purchases, $155; credit Accounts Receivable/Quiet Pets, $155.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tricky Ricky's Appliances sold merchandise on account to Smith Builders for $880, plus sales tax of $40. The journal entry for Tricky Ricky's Appliances to record this transaction is:
debit Accounts Payable/Smith Builders, $920; credit Sales, $880, Sales Tax Payable, $40.
debit Accounts Receivable/Smith Builders, $920; credit Sales, $880, Sales Tax Payable, $40.
debit Sales, $880, Sales Tax Payable, $40; credit Accounts Payable/Smith Builders, $920.
debit Sales, $880, Sales Tax Payable, $40; credit Accounts Receivable/Smith Builders, $920.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Sales tax is __________ to the price
subtracted
added
multiplied
divided

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