22-23 Last Review Acct. 1

Select The Category Of the Account Below:

Cash

• Asset

• Liability

• Owner's Equity

• Revenue

• Expense

Select The Category Of the Account Below:

Drawing

• Asset

• Liability

• Owner's Equity

• Revenue

• Expense

Select The Category Of the Account Below:

Capital

• Asset

• Liability

• Owner's Equity

• Revenue

• Expense

A customer obtains an allowance from the retailer in the amount of $450 for damaged merchandise. Which of the following represents the journal entry for this transaction, assuming the customer has not remitted payment?

• Sales Returns and Alloundes Debit, $450; Cash credit, $450

• Sales Returns and Allowances Debit, $450; Accounts Receivable Credit, $450

• Cash Debit, $400; Sales Returns and Allowances Debit, $40; Accounts Receivable Credit $450

If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?

• $490

• $14.70

• $504.70

A customer discovers 50% of the total merchandise delivered from the retailer is damaged. The original purchase for all merchandise was $5,950. The customer decides to return 40% of the damaged merchandise for a full refund and keep the remaining 60%. What is the value of the merchandise returned?

• $2,975

• $2,380

• $3,570

In Figure 1, what are David’s gross earnings for the pay period?

• $420.00

• $500.00

• $470.00

• $370.00

In Figure 2, what is the Medicare withholding for Megan?

• $652.50

• $65.25

• $6.53

• $0.65

Simon has gross earnings of $975.00 and total deductions of $425.00. What is Simon’s net pay?

• $550.00

• $975.00

• $1,300.00

• $1,400.00

Suzy's Shoppe has employer payroll taxes as follows: Social Security Tax $150.00, Medicare Tax $75.00 and Federal Unemployment Tax $25.00. What is the entry to record the employer’s payroll taxes?

• Debit Payroll Tax Expense $250.00, Credit Cash $250.00

• Debit Payroll Tax Expense $250.00, Social Security Tax Payable $150.00; Credit Medicare Tax Payable $75.00, Credit Federal Unemployment Tax Payable $25.00

• Debit Payroll Tax Expense $250.00; Credit Social Security Tax Payable $150.00, Medicare Tax Payable $75.00, Federal Unemployment Tax Payable $25.00

• Debit Social Security Tax Payable $150.00, Medicare Tax Payable $75.00, Federal Unemployment Tax Payable $25.00; Credit Payroll Tax Expense $250.00