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Merchandising Operations | (7-45) n/30. NAME: can be SECTION: SCORE: PROFESSOR: Multiple Choice 1 . A buyer received an invoice for P6,000 dated June 10. If the terms are 2/10, n/30, seller receive? and the buyer paid the invoice within the discount period, what amount will the a. P6,000 period b. P5,880 C. P4,800 d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. c. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a it on a. credit memorandum. c. official receipt. b. debit memorandum. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. c. sales. b. accounts receivable. d. transportation in. with 5. The account that appears in the chart of accounts for a merchandising entity but not for a service entity is a. accounts receivable. c. advertising expense. . accumulated depreciation. d. sales returns and allowances. 6. Olive Valenzuela Traders purchased merchandise from San Jose Suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms of the 2/10, n/30, F.O.B. destination. Valenzuela paid P100 transportation costs. Valenzuela returned P400 (list price) of the merchandise to San Jose and later paid the amount due within the discount period. The amount paid is C. P2,246. a. P2,254. d. P2,352. b. P2,252. 7. Grace Ancheta Company which uses the gross price method of recording purchases, and the periodic inventory system, bought merchandise for P8,000, terms 2/10, n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the return should include a7-46 | B Basic Financial Accounting and Reporting 2022 Edition by Prof. WIN Ballada a. credit to purchases returns and allowances of P1,960. b . debit to accounts payable of P2,000. S c. debit to discounts lost of P40. d. debit to purchases returns and allowances of P1,960. Pr Tri The Dec. 31, 2021 trial balance for Aileen Maglana. Company included the following purchases, P40,000; purchases returns and allowances, P2,000; transportation : P3,000; ending inventory was P8,000. What was the cost of goods sold for 2021? a. P39,000 C. P38,000 b. P33,000 d. none of the above unearned Rent Res 9 . In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system the beginning inventory is extended as a credit in the balance sheet columns. b. the beginning inventory is extended as a credit in the income statement columns . C. the ending inventory is shown as a credit in the income statement columns and as a debit in the balance sheet columns. d. the ending inventory is shown as a debit in the income statement columns and as a credit in the balance sheet columns. 10. The basic differences between the financial statements of a merchandising entity and a service entity include the cost of goods sold section of the income statement and the a. equity section of the balance sheet. b. inclusion of merchandise inventory on the balance sheet as a current asset. c. other income section of the income statement. d. profit figure. visasy 11. The excess of net sales over the cost of goods sold is called a. gross profit. c. operating profit. b. merchandising income. d. profit. 12. After all adjusting entries are posted, the balances of all asset, liability, income, and expense accounts correspond exactly to the amounts in the a. financial statements. C. unadjusted trial balance. b. post-closing trial balance. d. worksheet trial balance