Which of the following statements is correct?
To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash.
To record the payment of a purchase invoice when a cash discount is taken, the accountant would
debit Accounts Payable, credit Purchases Discounts, and credit Cash.
The entry to replenish a petty cash fund includes
debits to various expense accounts and a credit to Cash.
The most appropriate form of endorsement of a check for business purposes is
the restrictive endorsement.
On a bank reconciliation statement, you would find all of the following except
a list of canceled checks.
A firm’s bank reconciliation statement shows a book balance of $15,820, an NSF check of $400, and a service charge of $20. Its adjusted book balance is
A firm’s bank reconciliation statement shows a book balance of $31,640, an NSF check of $800, and a service charge of $40. Its adjusted book balance is
To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be
deducted from the bank statement balance.
Merchandise costing $5,600 with terms of 1/10, n/30, with transportation costs of $320 included on the invoice (not included in the $5,600) is sold on account. If the bill is paid within ten days, the amount of the purchase discount is.
Beckett Co. sold merchandise on account for $10,600, terms 2/10, n/30. Freight charges of $250 were prepaid by the seller and added to the invoice. The customer returned $800 of merchandise before making the payment then paid the invoice within the discount period. What is the amount Beckett Co. received?
Merchandise is sold for $8,820, terms 1/10, n/30. Prior to payment, the customer returned $560 of the merchandise. If the invoice is paid within the discount period the amount of the sales discount is:
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