journalize transactions

Project Description:

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take test: exam 2 .content assistive technology tips [opens in new window]
instructionsdescription you have one attempt and no time limit to complete exam 2 by november 30. good luck!

instructions
multiple attempts not allowed. this test can only be taken once.
force completion this test can be saved and resumed later.


question completion status:
1 2 3 4 5 6

question 1

what is the normal balance of the following accounts?



a. sales tax payable

b. merchandise inventory

c. delivery expense

d. cost of merchandise sold

e. sales returns and allowance

f. sales discounts

g. sales
answer


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_p_a. credit_/p__p_b. debit_/p__p_c. debit_/p__p_e. debit_/p__p_f. debit_/p__p_g. credit_/p_
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10 points
question 2

using the following data taken from hsu’s imports inc., determine the gross profit to be reported on the income statement for the year ended march 31, 2011.

merchandise inventory, april 1, 2010
$193,250

merchandise inventory, march 31, 2011
180,100

purchases
1,079,600

purchases returns and allowances
51,200

purchases discounts
18,500

sales
1,860,000

freight in
19,250






answer


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path:body


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20 points
question 3

journalize the following transactions for donnell inc. using both the periodic inventory system and the perpetual inventory system, presented in a side-by-side format shown at the end of this exercise.

oct. 5 purchased $30,000 of merchandise from rex on account, terms 2/10, n/30.

oct. 8 returned merchandise purchased on account on oct. 5 amounting to $500.

oct. 15 paid for purchase of oct. 5, less oct. 8 return and purchase discount.

periodic inventory perpetual inventory
accounts dr cr dr cr
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