Chapter 9 Accounting

Purchased merchandise on account from Rackley Industries, $3,010.00. P184.

Would this transaction be recorded in the Purchases or Cash Payments Journal?

• Purchases

• Cash Payments

Paid cash on account to Helms Supply, $1,290.00, covering P166, less 2% discount. C318.

Would this transaction be recorded in the Purchases or Cash Payments Journal?

• Purchases

• Cash Payments

Paid cash to WCKF Radio for advertising, $815.00. C319.

Would this transaction be recorded in the Purchases or Cash Payments Journal?

• Purchases

• Cash Payments

Purchased merchandise on account from Kelsay Parts, $3,640.00. P185.

Would this transaction be recorded in the Purchases or Cash Payments Journal?

• Purchases

• Cash Payments

Paid cash to Southern Bell for telephone bill, $236.00. C321.

Would this transaction be recorded in the Purchases or Cash Payments Journal?

• Purchases

• Cash Payments

With the terms 2/10 n/30 what is the discount for the invoice being paid within 10 days?

• 2%

• 10%

• 30%

• 20%

With the terms 2/10 n/30 when is the total invoice due?

• in 10 days

• in 2 days

• in 30 days

• 2/10 n/30 does not include a due date

November 6. Purchased merchandise on account from Wynn Lighting, $1,082.50. Purchase Invoice No. 525.

What would go in the black blank?

• Purchases

• Accounts Payable

• Wynn Lighting

• Invoice

November 3. Wrote a check to Kelser Promotions for advertising, $600.00. Check No. 689.

In what TWO columns would you record this transaction?

• General debit

• General credit

• Accounts Payable Debit

• Purchases Discount Credit

• Cash credit

November 3. Wrote a check to Kelser Promotions for advertising, $600.00. Check No. 689.

What would you type in the account title column for this transaction?

• Kelser Promotions

• Advertising Expense

• Nothing (You would leave the line blank)

• Purchases