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1. The normal balance for Purchases Returns and Allowances is

  A. a debit.

  B. a credit.

  C. zero.

  D. It doesn’t have a normal balance. 

 

2. When the term F.O.B. shipping point is used, title passes when the

  A. goods reach the halfway point.

  B. goods reach the destination.

  C. goods are shipped.

  D. buyer unpacks the goods. 

 

3. Purchases are a/an

  A. cost.

  B. asset.

  C. liability.

  D. revenue.

 

4. 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 it should pay?

  A. $250

  B. $204

  C. $196

  D. $200

 

5.  A. O.B. shipping point means

  B. the buyer pays for the freight.

  C. the seller pays for the freight.

  D. the title passes at time of shipment.

  E. Both A and C

 

6. What is the controlling account for the amounts owed to individual creditors?

  A. Accounts Payable in the general ledger

  B. Accounts Receivable in the general ledger

  C. Accounts Receivable in the subsidiary ledger

  D. Accounts Payable in the subsidiary ledger

 

7. The Accounts Payable subsidiary ledger

  A. lists accounts alphabetically.

  B. lists accounts for which the company owes money.

  C. has a controlling account in the general ledger.

  D. All of the above

 

8. A debit memorandum decreases which account on the seller’s books?

  A. Accounts Payable

  B. Purchases Returns and Allowances

  C. Sales Returns and Allowances

  D. Accounts Receivable

 

9. Heidi’s Accessories bought 50 necklaces for $10 each on account. The invoice included a 6% sales tax and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the payment (within the discount period) would include a credit to

  A. Cash for $477.

  B. Cash for $468.

  C. Accounts Receivable for $477.

  D. Accounts Receivable for $468.

 

10. The entry to record a purchase of $5,000 on account, terms of 2/10, n/30, would include a

  A. debit to Purchases Discount for $100.

  B. credit to Accounts Payable for $5,000.

  C. debit to Accounts Payable for $5,000.

  D. credit to Cash for $5,000. 

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