true or false? when goods are bought under the perpetual inventory system. merchandise inventory is credited. true or false? taking a physical count of the merchandise is optional under a periodic inventory system.

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Cartyte Company old goods for $425 plus a 7 percent sales tax to a customer using a bank credit card. The bank deducts a percent discount Carte Company debits Cash for Oa54547 De 580 Which of the following is true of sales discounts? Oa. It is shown as an addition to Other Income on the income statement. Ob. It is shown on the balance sheet under owner's equity. Oc. It is shown on the balance sheet under short-term assets. d. It is shown as a deduction from Sales on the income statement e. It is shown on the balance sheet under liability, The cash payments journal is used for transactions involving Oa. credits to Cash but not affecting subsidiary ledgers. Ob. credits to Cash, regardless of the offsetting debits. Oc. a credit to Cash and a debit to income statement accounts. Od. a debit to Cash and credits to other accounts. e. a debit to Cash and debits or credits to other balance sheet accounts. Which of the following means "do not post--the figures have already been posted separately" in a cash receipts journal? Oa. An (Z) under the total of the Expense Accounts Credit Column Ob. An (B) under the total of the Wages Accounts Credit Column Oc. An (A) under the total of the Accounts Receivables Accounts Debit Column d. An (x) under the total of the Other Accounts Credit Column Oe. An (Y) under the total of the Sales Accounts Debit Column Which of the following accounts normally has a credit balance? Oa. Purchases Returns and Allowances Ob. Sales Discounts c. Sales Returns and Allowances Od. Accounts Receivable Oe. Purchases Sales Tax Payable is recorded on the books of the purchaser. True False An investment of cash by the owner is recorded in the general journal unless a cash receipts journal is used. True False If the terms of sale are 1/10, n/30, the buver has thirty days after the date of the invoice to take advantage of a 1 percent cash discount True False Cash discount Special journal used to record all transactions where cash is received Credit terms Special journal used for recording transactions decreasing cash Cash payments journal A written promise to pay a specified amount at a specified time Promissory note Agreement between seller and buyer on payment Cash receipts journal Reduction from the invoice price for prompt payment Unearned Revenue is classified as a(n) Oa. contra revenue account b. liability account. Oc. revenue account Od. expense account e. asset account The Prepaid Insurance account has a balance of $200 less in the work sheet's Balance Sheet Debit column than in the work sheet's Trial Balance Debit column. This would be the result of a Oa. $200 entry to Prepaid Insurance in the worksheet's Adjustments Debit column. Ob. 5200 entry to Insurance Expense in the worksheets Adjustments Credit etuma. Oc. 5400 entry to Insurance Expense in the worksheets adjustments Credit tolumn Od $200 entry to Prepaid Insurance in the worksheets Adjustment Credit column De $400 entry to Prepaid Insurance in the worksheet's Adjustments Credit column. In the Adjustments columns of the work sheet, the credit to the Merchandise Inventory account (using the periodic system) represents a. net income bending inventory Os the balance owed to creditors for inventory Od, beginning inventory Oe, the difference between the beginning and the ending inventory Net income appears on the work sheet in the Oa. Adjustments Debit column. Ob. Adjusted Trial Balance Debit column. c. Balance Sheet Debit column. Od. Income Statement Debit column. e. Income Statement Credit column. The Income Statement Debit column exceeds the Income Statement Credit column on a work sheet. This indicates a. the owner's Capital account increased during the year. Ob. that mistakes were made in the preparation of the work sheet Oc. the inventory increased during the year Od. a net income for the company Oe. a net loss for the company At the end of the accounting period, the following should occur with supplies. Oa. No action is required. Ob. An adjusting entry should be made to expense the used supplies at the end of the period Oc. A physical inventory should be taken. d. Both "An adjusting entry should be made to expense the used supplies at the end of the period" and "A physical inventory should be taken, An inventory system that debits Purchases when goods are bought Unearned Revenue Income Summary Liability account that is credited when cash is received in advance for the delivery of goods or services to be earned in two fiscal periods Beginning merchandise inventory Merchandise Inventory that appears in the Income Statement Debit column of the work sheet Periodic inventory system The credit account of the adjustment for accrued payroll Wages Payable Temporary account used for adjusting Merchandise Inventory account Which of the following lists of items is used to compute the cost of goods available for sale? a. Sales, beginning inventory, and ending inventory Ob. Net sales, beginning inventory, and ending inventory Oc. Delivered cost of purchases and beginning inventory Od. Beginning inventory and ending inventory Oe. Gross profit, beginning inventory, and ending inventory On the income statement, adding delivered cost of purchases to beginning merchandise inventory results in a. net income or net loss. Ob. gross profit. Oc. cost of goods available for sale. Od. ending inventory Oe. cost of goods sold