Accounting CH11-13

Which of the following is NOT a commonly used special journal?

• Cash Payments Journal

• Cash Receipts Journal

• Sales Journal

• Supplies Journal

Blue Ally Technology accepted returned merchandise purchased on account by App State for $5000, plus sales tax of $350. The journal entry for Blue Ally to record this transaction is:

• debit Sales Returns and Allowances $5000, Sales Tax Payable $350; credit Accounts Payable/ App State $5350

• debit Sales Returns and Allowances $5000, Sales Tax Payable $350; credit Accounts Receivable/ App State $5350

• debit Purchases Returns and Allowances $5000, Sales Tax Payable $350; credit Accounts Receivable/ App State $5350

• debit Sales Returns and Allowances $5350; credit Accounts Receivable/ App State $5350

Bob's Market returned merchandise that was purchased on account to Clothing Warehouse, $1,400. The journal entry for Bob's Market to record this transaction is:

• debit Accounts Payable/Clothing Warehouse, $1,400; credit Purchases Returns and Allowances, $1,400

• debit Purchases Returns and Allowances, $1,400; credit Accounts Payable/Clothing Warehouse, $1,400

• debit Accounts Receivable/Clothing Warehouse, $1,400; credit Purchases Returns and Allowances, $1,400

• debit Accounts Payable/Clothing Warehouse, $1,400; credit cash, $1,400

On what date does the 4th quarter of the calendar year begin?

• October 1

• November 1

• December 1

• November 30

On what date does the 3rd quarter of the calendar year end?

• June 30

• August 31

• September 1

• September 30

Which type of qualified retirement plan is sponsored by an employer?

• 401K

• IRA

• Roth IRA

• Social Security

What is the name of the document that employers must provide to their employees by January 31 of each year?

• W-2

• W-3

• W-4

• payroll register

Which of the following taxes are not paid by the employer?

• Federal Income Tax

• Federal Unemployment Tax

• Social Security Tax

• Medicare Tax

Susan has gross earnings of $500, Social Security withholding of $27.50, Medicare withholding of $8.40, federal income tax withholding of $75 and state income tax withholding of $23.70. What are Susan's total deductions?

• $102.50

• $124.60

• $134.60

• $269.20

Bob's Market paid unemployment taxes of $63. The entry to journalize the payment of the unemployment taxes is:

• debit Federal Unemployment Tax Payable $63, credit cash $63

• debit Federal cash $63, credit Unemployment Tax Payable $63

• debit Salary Expense $63, credit cash $63

• debit Salary Expense $63, credit Federal Unemployment Tax Payable $62