1.

For the transaction below, indicate which account would be debited and which account would be credited.

Problem 2.1

Paid for inventory purchased last month.

Debit: [ Select ] ["Cash", "Accounts Receivable", "Inventory", "Supplies", "Computer", "Accounts Payable", "Notes Payable", "Sales Revenue", "Cost of Goods Sold", "Wages"]

Credit: [ Select ] ["Cash", "Accounts Receivable", "Inventory", "Supplies", "Computer", "Accounts Payable", "Notes Payable", "Sales Revenue", "Cost of Goods Sold", "Wages"]

2.

For the transaction below, indicate which account would be debited and which account would be credited.

Problem 2.2

Borrowed money from the bank.

Debit: [ Select ] ["Cash", "Accounts Receivable", "Inventory", "Supplies", "Computer", "Accounts Payable", "Notes Payable", "Sales Revenue", "Cost of Goods Sold", "Wages"]

Credit: [ Select ] ["Cash", "Accounts Receivable", "Inventory", "Supplies", "Computer", "Accounts Payable", "Notes Payable", "Sales Revenue", "Cost of Goods Sold", "Wages"]

3.

The following information relates to the Bell Tower Company:

Sales	12,500
Beginning Finished Goods	3,000
Cost of Goods Manufactured	11,000
Ending Finished Goods	4,000
Other Operating Expenses	2,000
Operating Income	500
Direct Materials Used	2,500
Direct Labor	4,000
Manufacturing Overhead	3,000
Ending Work in Process	3,500

Problem 5.1

The cost goods sold is $11,000

Group of answer choices

True

False

4.

The following information relates to the Bell Tower Company:

Sales	12,500
Beginning Finished Goods	3,000
Cost of Goods Manufactured	11,000
Ending Finished Goods	4,000
Other Operating Expenses	2,000
Operating Income	500
Direct Materials Used	2,500
Direct Labor	4,000
Manufacturing Overhead	3,000
Ending Work in Process	3,500

Problem 5.2

The gross margin is $2,500.

Group of answer choices

True

False

5.

The following information relates to the Bell Tower Company:

Sales	12,500
Beginning Finished Goods	3,000
Cost of Goods Manufactured	11,000
Ending Finished Goods	4,000
Other Operating Expenses	2,000
Operating Income	500
Direct Materials Used	2,500
Direct Labor	4,000
Manufacturing Overhead	3,000
Ending Work in Process	3,500

Problem 5.3

The beginning work in process is $3,000.

Group of answer choices

True

False

6.

The following information relates to the Bell Tower Company:

Sales	12,500
Beginning Finished Goods	3,000
Cost of Goods Manufactured	11,000
Ending Finished Goods	4,000
Other Operating Expenses	2,000
Operating Income	500
Direct Materials Used	2,500
Direct Labor	4,000
Manufacturing Overhead	3,000
Ending Work in Process	3,500

Problem 5.4

The total manufacturing costs are $9,500.

Group of answer choices

True

False