1. What amount should be entered in the Accounts Receivable column of the sales register
for invoice no. 494?
A. $5,029.19 C. $5,330.96
B. $5,131,83 D. $5,439.74
2. What amount should be entered in the Department B Sales column of the sales register
for invoice no. 495?
A. $760.84 C. $1.743.06
B. $806.49 D. $1,847.64
3. The parcel post charge of $25.89 on invoice no. 496 should be entered on the sales
register in the column for
A. Credit鈥擥eneral Ledger. C. Dept. B Sales Cr.
B. Dept. A Sales Cr. D. Dept. A Trans.
4. What is the sales tax for invoice no. 496?
A. $.78 C. $11.66
B. $1.55 D. $13.21
5. For invoice no. 497, what amount should you enter on the sales register in the Accounts
Receivable column?
A. $5,986.84 C. $5,763.23
B. $5,647.97 D. $6,109.02
6. What amount should be credited to Accounts Receivable from credit memo no. 59?
A. $47.09 C. $49.92
B. $48.05 D. $51.847. For credit memo no. 59, the entry in the sales register for the discount taken is
A. $.96 credited to Acct. No. 0402. C. $1.02 debited to Acct. No. 0402.
B. $.96 credited to Acct. No. 0403. D. $1.02 debited to Acct. No. 0403.
8. What is the balance for T. J. Auto in the accounts receivable ledger at the close of business
on May 29?
A. $155.99 C. $231.80
B. $181.88 D. $281.72
9. What should be the total of the Accounts Receivable column, Acct. No. 125, in the sales
register after invoices 494 through 498 are posted?
A. $17,984.57 C. $18,034.49
B. $17,997.51 D. $18,084.41
10. What is the balance in the accounts receivable ledger after the close of business on May 29?
A. $17,984.57 C. $18,034.49
B. $17,997.51 D. $18,084.4111. What amount should be entered in the Accounts Payable column of the purchase invoice
register for purchase invoice no. 107?
A. $484.38 C. $528.76
B. $518.59 D. $549.71
12. The entry in the purchase invoice register for the due date for purchase invoice no. 108 is
A. 5/3. C. 6/3.
B. 5/17. D. 6/17.
13. To compute the amount to be paid for the brads on purchase invoice no. 109, you should
multiply .59 by
A. 115,000. C. 1,150.
B. 11,500. D. 115.
14. What amount should be credited to Purchases Returns and Allowances from credit memo
no. 24?
A. $2.25 C. $112.70
B. $110.45 D. $114.95
15. What amount should be debited to Accounts Payable from credit memo no. 24?
A. $2.25 C. $112.70
B. $110.45 D. $114.95
16. What is the first thing you must do to compute the amount to be paid for the 8mm fittings
on purchase invoice no. 110?
A. Multiply 15,936 by .58 C. Divide 15,936 by 12
B. Multiply 15,936 by 12 D. Divide 15,936 by .58
17. The balance for Gladstone Manufacturing Company in the accounts payable ledger after
the close of business on May 12 is a credit of
A. $110.45. C. $518.59.
B. $408.14. D. $629.04.18. What鈥檚 the total of the Purchases鈥擱esale column, Account 501, in the purchase invoice
register?
A. $9,898.71 C. $10,158.54
B. $10,048.09 D. $10,271.24
19. What鈥檚 the total of the Accounts Payable column, Account 201, in the purchase invoice
register?
A. $10,048.09 C. $10,271.24
B. $10,158.54 D. $10,466.38
20. What鈥檚 the balance in the accounts payable ledger after the close of business on May 22?
A. $10,048.09 C. $10,271.24
B. $10,188.01 D. $10,466.38
III. Questions 21鈥?5 are based on the following information for Silva Collectibles:
Notes Payable
Date Description Interest Rate
January 1 $100,000 note due in 9 months 9%
March 1 $75,000 note due in 6 months 12%
Notes Receivable
February 1 $60,000 note due in 3 months 6%
Assume all interest is paid at maturity and none of the notes are paid early.
21. What should be the entry for interest expense on March 31? (Hint: There are two notes.)
A. Debit $1,500 C. Credit $1,500
B. Debit $750 D. Credit $750
22. What entry should be recorded in the Interest Receivable account for February?
A. Credit $300 C. Credit $900
B. Debit $300 D. Debit $900
23. How much interest income should be recorded for the year ending December 31?
A. $900
B. $3,300
C. $3,600
D. It depends on when the interest is paid.24. How much interest expense is recorded for the year ending December 31?
A. $4,500
B. $6,750
C. $11,250
D. It depends on when the interest is paid.
25. How much cash will be paid for the January 1 note, plus interest, on October 1?
A. $11,250 C. $175,000
B. $106,750 D. $186,250 Please do not solicit answers on Y!A, as this is considered cheating.
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