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Accounting Exam 2 Actual Exam Questions / & Expertly Verified Answers, / .Quiz____?An item of merchandise that was sold for $600 cash by a business using the perpetual inventory system. The item cost $400. After the sale entry has been recorded, what additional entry would be required?
- a debit to sales and credit to inventory for $600
- a debit to inventory and a credit to cost of goods sold for $400
- A debit to cost of goods sold and a credit to purchases for $400
- A debit to cost of goods sold and a credit to inventory for $400 -
- A debit to Cost of Goods Sold and a credit to Inventory for $400
- cost of goods sold
- net sales
- gross profit
- net income -
- Net Sales
Answer✓✓
Quiz____?What is NOT affected by the choice of an inventory costing method (that is, between FIFO, LIFO, and weighted average)?
Answer✓✓
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Quiz____?Mr Goeddee deposits $500 in his savings account at the end of every month for three years. The account's annual interest rate is 6%. To
determine the balance in the account after three years, he should use:
- i = 0.5%
- n = 3.
- C Table B.2, Future Value of 1
- All of the above -
- expenses will increase
- total assets remain the same
- both of the above
- neither of the above -
- Total assets remain the same
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Answer✓✓ i = % 0.5 Quiz____?When a firm writes off a bad debt under the allowance method of accounting for bad debts, what occurs?
Answer✓✓
Quiz____?Given the following information for Potter Company, what are Net Sales?Beginning Inventory 10,000 Gross Profit 60,000 Page 2 of 7
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