23. Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if.


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23. Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if. 1 answer below » 23. Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period? 24.The entry to record a payment on a $600 account within the 2% discount period would include a: 25. Medeco bought goods for $250 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If medeco pays the amount owed within the discount period, what is the amount they should pay? 26. When using a periodic inventory method, what account is increased when you buy merchandise inventory? 27. Beginning inventory was $4, View complete question » 23. Jackson purchased $500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period? 24.The entry to record a payment on a $600 account within the 2% discount period would include a: 25. Medeco bought goods for $250 on credit. Medeco returned $50 worth of goods. Terms of the sale were 2/10, n/30. If medeco pays the amount owed within the discount period, what is the amount they should pay? 26. When using a periodic inventory method, what account is increased when you buy merchandise inventory? 27. Beginning inventory was $4,000, purchases totaled $22,000 and sales were $20,000. What is the ending inventory? a. $2,000 b. $4,000 c. $6,000 d. $8,000 28. Which is true of the normal balance of an Income Summary? 29. The goods a company has available to sell to customers are called: 30. Which amount does NOT change during the period and is added to purchases when computing the cost of goods available for sale? 31. An account never used in a service business is: a. Consulting Free-Revenue b. Interest Payable c. Merchandise Inventory d. Accumulated Depreciation-Equipment 32. At the start of the year, Northern Lights had $8,000 worth of merchandise. What do we know about Northern Lights? 34. The physical count of inventory was incorrect, which overstated the ending inventory. This would cause the : 35. which inventory appears in the balance sheet column of the worksheet? 36. Beginning merchandise inventory would be found on the worksheet in the: 37. the ending Merchandise Inventory account appears in the (blank) on the worksheet 38. Miami Company uses Allowance for Doubtful Accounts. When Miami writes off an uncollectible account, there is a(n) 39. No entry was recorded to reinstate a bad debt when making a collection. The allowance method is being used. This error would cause. 40. If the allowance method of accounting for uncollectible receivable is used, what general ledger account is debited to write off a customers account as uncollectible? a. Allowance for Doubtful accountsb. Bad debt Expense c. Accounts Payable d. Bad Debts Recovered 41. The journal entry to write off an account judged to be uncollectible under the allowance would include a debit to: a. Sales b. Accounts Receivable c. Allowance for Doubtful Accounts d. Bad Debts Expense 42. After having written off a customer under the direct write-off method, the account will be reopened when the customer: a. sends the full amount to pay off the account b. sends any amount to pay on their account c. pays the collection bureau d. none of the above 43. Which method uses an aging of Accounts Receivable to calculate the Bad debt Expense? 44. As the past due time increase for an account, the likelihood of collecting that accounts: Attachments: q.docx View less » Feb 04 2016 07:06 AM

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