TRADE DISCOUNTS & ALLOWANCES

TRADE DISCOUNTS & ALLOWANCES

12th Grade

14 Qs

quiz-placeholder

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TRADE DISCOUNTS & ALLOWANCES

TRADE DISCOUNTS & ALLOWANCES

Assessment

Quiz

Other

12th Grade

Medium

Created by

Arzel Cinches

Used 11+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

JUNE 5 - PURCHASED P30,000 OF MERCHANDISE ON ACCOUNT. TERMS: 2/10, n/30​ ​

DEBIT: Purchases P30,000

CREDIT: Purchase Discount P30,000

DEBIT: Purchases P30,000

CREDIT: Cash P30,000

DEBIT: Purchases P30,000

CREDIT: A/R P30,000

DEBIT: Purchases P30,000

CREDIT: A/P P30,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

JUNE 8 - RETURNED MERCHANDISE PURCHASED ON ACCOUNT ON JUNE 5, P5,000.

DEBIT: Purchases P30,000

CREDIT: PRA P30,000

DEBIT: Cash P5,000

CREDIT: PRA P5,000

DEBIT: A/P P5,000

CREDIT: PRA P5,000

DEBIT: PRA P5,000

CREDIT: SALES P5,000

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

JUNE 15 - PAID FOR PURCHASE OF JUNE 5, P30,000 WITH TERMS: 2/10, n/30 AND RETURNED MERCH. P5,000.

DEBIT: CASH P24,500

DEBIT: PURCHASE DISCOUNT P500

CREDIT: A/P P25,000

DEBIT: A/P P25,000

CREDIT: PURCHASE DISCOUNT P500

CREDIT: CASH P24,500

DEBIT: A/P P25,000

CREDIT: CASH P25,000

DEBIT: A/R P25,000

CREDIT: CASH P25,000

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

JUNE 18 - SOLD MERCHANDISE ON ACCOUNT, P27,000. TERMS: 1, n/30

DEBIT: CASH P27,000

CREDIT: SALES P27,000

DEBIT: A/R P27,000

CREDIT: SALES P27,000

DEBIT: A/R P26,730

CREDIT: SALES P26,730

DEBIT: CASH P26,730

DEBIT: SALES DISCOUNT P270

CREDIT: A/R P27,000

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

JUNE 21 - RECEIVED MERCHANDISE PURCHASED ON ACCOUNT ON JUNE 18, P3,000.

DEBIT: CASH P3,000

CREDIT: SRA P3,000

DEBIT: SRA P3,000

CREDIT: A/R P3,000

DEBIT: SRA P3,000

CREDIT: CASH P3,000

DEBIT: SRA P3,000

CREDIT: A/P P3,000

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

JUNE 22 - PURCHASED MERCHANDISE FOR CASH P5,000. FOB SHIPPING POINT, FREIGHT PREPAID P900.

DEBIT: CASH P5,000

CREDIT: PURCHASES P5,000

DEBIT: FREIGHT-IN P900

CREDIT: CASH P900

DEBIT: PURCHASES P5,000

CREDIT: CASH P5,000

DEBIT: FREIGHT-IN P900

CREDIT: CASH P900

DEBIT: PURCHASES P5,000

CREDIT: A/R P5,000

DEBIT: FREIGHT-OUT P900

CREDIT: A/R P900

DEBIT: PURCHASES P5,000

CREDIT: CASH P5,000

DEBIT: FREIGHT-IN P900

CREDIT: A/P P900

7.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

JUNE 28 - RECEIVED A FULL PAYMENT FROM JUNE 18, 27,000 WITH RETURNS OF P3,000. TERMS: 1, n/30

DEBIT: CASH P27,000

CREDIT: A/R P27,000

DEBIT: CASH P23,730

CREDIT: SALES P23,730

DEBIT: CASH P24,000

CREDIT: A/R P24,000

DEBIT: CASH P23,730

CREDIT: A/P P23,730

Answer explanation

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