1. The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory is:

A. the Cost of Goods Sold. B. net purchases + beginning merchandise inventory. C. the ending inventory. D. the beginning inventory.

2. Credit terms of 3/15 n/30 mean that:

A. a 3% discount is allowed if the bill is paid within between 15 and 30 days. B. a 3% discount is allowed if the bill is paid after 15 days. C. a 3% discount is allowed if the customer pays the bill within 15 days, or the entry amount is due within 30 days. D. a 3% discount is allowed if the bill is paid within 30 days.

3. Cash has a normal balance of $1,600. After collecting $100, the balance in the account is:

A. debit $1,700. B. credit $1,700. C. credit $1,500. D. debit $1,500.

4. Tina's Event Planning bought a computer worth $4,000 with an expected life of 4 years and a residual value of $1,000. What is the adjusting journal entry after the firstyear? (Round your final answer to the whole dollar.)

A.

Depreciation Expense	750
Accumulated Depreciation, Computer	750

B.

Depreciation Expense	750
Computer	750

C.

Computer	750
Depreciation Expense	750

D.

Computer	750
Accumulated Depreciation, Computer	750