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WorksheetsJournalizing Transactions of a Merchandising Business
Total questions: 6
Worksheet time: 11mins
Which of the following accounts is used in a periodic inventory system but not in a perpetual inventory system?
Sales Discounts
Purchases
What percentage is the trade discount in the given purchase term, P150,000 less 10, 1/15, n/30?
1
10
30
15
When will be the due date of an account for a sale made on March 21 with the terms, 1/10, n/45?
March 31
April 30
May 5
June 15
The entry in the buyer's general journal to record a purchase of merchandise worth P35,000 with terms 1/5, n/20 would include a
debit to Accounts Receivable of P34,650.
credit to Accounts Payable of P34,650.
debit to Purchases of P35,000.
credit to Sales of P35,000.
Bravo Trading sold 130 1-liter cans of paint at P750 per can on July 6 to Hazel Company. Terms of the sale are 2/15, n/30, invoice dated July 6. On July 20, Hazel Company discovered that 17 cans were the wrong color and returned them to Bravo Trading. Which of the following statements is TRUE?
Bravo Trading should make a credit to Accounts Payable on July 20.
Bravo Trading should make a debit to Sales Returns and Allowances on July 20.
Hazel Company should make a debit Cash on July 20.
Hazel Company should make a credit to Accounts Receivable on July 20.
On July 10, Alpha Trading bought merchandise from Azure Company worth P80,000 less 10-5 with terms 1/15, n/45. Alpha Trading paid 30% of the invoice price on the same day. In its books how much should be recorded by Azure Company as Accounts Receivable from Alpha Trading on July 10?
(a)
