Quiz 3 ASC - IUP

Purchased merchandise on credit from Toko Makmur for Rp50,000,000.00. Based on the above transactions, the journal made by Toko Makmur is....

• Cash (D)Rp 50.000.000,00 Purchases (C)Rp 50.000.000,00

• Purchases (D)Rp 50.000.000,00 Account Payable (C)Rp 50.000.000,00

• Purchases (D)Rp 50.000.000,00 Cash (C)Rp50.000.000,00

• Account Payable (D)Rp 50.000.000,00 Cash (C)Rp 50.000.000,00

Returned part of the merchandise purchased in cash because it was damaged for Rp150,000. Based on the above transactions, the journal entries are…

• Cash (D)Rp150.000,00 Purchases Return (C)Rp150.000,00

• Cash (D)Rp150.000,00 Merchandise Inventory (C)Rp150.000,00

• Purchases Return (D)Rp150.000,00 Account Payable (C)Rp150.000,00

• Account Payable (D)Rp150.000,00 Purchases Return (C)Rp150.000,00

Sold merchandise on terms of 2/10, n/30 to Toko Andal for Rp10,000,000.00. Based on the above transactions, the journal entries made by Toko Andal are …

• Cash (D)Rp9.800.000,00 Sales (C)Rp9.800.000,00

• Account Payable (D)Rp9.800.000,00 Sales (C)Rp9.800.000,00

• Cash (D)Rp10.000.000,00 Sales (C)Rp10.000.000,00

• Account Payable (D)Rp10.000.000,00 Sales (C)Rp10.000.000,00

Purchased merchandise from Toko Lentera for Rp12,000,000.00 of this amount, paid Rp8,000,000.00 and the rest will be paid later. Based on the above transactions, the journals made by Toko Lentera are…

• Purchases (D)Rp12.000.000,00 Account Payable (C)Rp7.000.000,00 Cash (C)Rp8.000.000,00

• Purchases (D)Rp8.000.000,00 Cash (C)Rp8.000.000,00

• Purchases (D)Rp7.000.000,00 Account Payablean (C)Rp7.000.000,00

• Account Payable (D)Rp7.000.000,00 Cash (D)Rp8.000.000,00 Purchases (C)Rp12.000.000,00

Toko Matahari received payment from Toko Jaya on August 25, 2020 for merchandise sales transaction on August 18 for Rp25,000,000.00 with terms 2/10, n/30. Based on the above transactions, the journals made by Toko Matahari are…

• Account Payable (D)Rp 25.000.000,00 Cash (C)Rp 25.000.000,00

• Account Payable (D)Rp24.500.000,00 Cash (C)Rp24.500.000,00

• Account Payable (D)Rp25.000.000,00 Sales Discount (C)Rp500.000,00 Cash (C)Rp24.500.000,00

• Account Payable (D)Rp24.500.000,00 Sales Discount (D)Rp500.000,00 Cash (C)Rp25.000.000,00

In the adjusting entries for a merchandising company, the adjustment for merchandise inventory is made using:

• FIFO method

• LIFO method

• Income Summary

• Weighted average method

• Perpetual inventory system

On December 31, 2023, the ending merchandise inventory is valued at $500,000. If using the periodic inventory system, the required adjusting entry is…

• Merchandise Inventory (Dr) $500,000, Income Summary (Cr) $500,000

• Income Summary (Dr) $500,000, Merchandise Inventory (Cr) $500,000

• Cost of Goods Sold (Dr) $500,000, Merchandise Inventory (Cr) $500,000

• Merchandise Inventory (Dr) $500,000, Cost of Goods Sold (Cr) $500,000

• No adjusting entry is needed

The columns typically found in a 10-column worksheet are…

• Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet

• Trial Balance, Adjustments, Income Summary, Income Statement, Balance Sheet

• Trial Balance, Adjustments, Adjusted Trial Balance, Cost of Goods Sold, Balance Sheet

• Trial Balance, General Journal, General Ledger, Income Statement, Balance Sheet

• Trial Balance, Adjustments, Closing Entries, Income Statement, Balance Sheet

Global Inc. has prepaid rent of $120,000 for a 1-year period starting July 1, 2023. On December 31, 2023, the required adjusting entry is:

• Rent Expense (Dr) $60,000, Prepaid Rent (Cr) $60,000

• Prepaid Rent (Dr) $60,000, Rent Expense (Cr) $60,000

• Rent Expense (Dr) $120,000, Cash (Cr) $120,000

• Prepaid Rent (Dr) $120,000, Rent Expense (Cr) $120,000

• No adjusting entry is needed

In a worksheet, if the total debit column of the Adjusted Trial Balance is greater than the total credit column, then:

• The company has incurred a loss

• The company has made a profit

• Total assets are greater than total liabilities and equity

• Total liabilities are greater than total assets

• The worksheet must be incorrect