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ACC 291T Week 1 Apply: Connect® Exercise (2019 Latest)

ACC 291T Week 1 Apply: Connect® Exercise (2019 Latest)
 

Review the Knowledge Check in preparation for this assignment.

Complete the Week 1 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date

 

 
 

 

 
 

On Deck Sports Memorabilia store sells a Babe Ruth rookie card for $3,700 on account. If the sales tax on the sale is 8%, what is the amount debited to Accounts Receivable.

Multiple Choice

$3,404

$3,996

$3,700

$3,692

 

 

Hour Place Clock Shop sold a grandfather clock for $2,100 subject to a 7% sales tax. The entry in the general journal will include a credit to Sales for

Multiple Choice

$2,100.00.

$1,911.00.

$2,289.00.

$2,091.00.

 

 

Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?

List price of $3,600 and trade discounts of 30 percent and 20 percent.

List price of $4,300 and trade discounts of 30 percent and 20 percent.

List price of $2,650 and trade discounts of 20 percent and 10 percent.

 

 

Merchandise is sold on credit for $580 plus 5 percent sales tax. The journal entry to record the sale will include a debit to Accounts Receivable for

Multiple Choice

$580.00.

$585.80.

$582.90.

$609.00.

 

 

Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
2019
 
Feb.
2
Sold merchandise for cash totaling $3,000 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale.
 
15
Sold merchandise totaling $2,600 to customers using American Express.
 
20
Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.
 

 

 

 

 

The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DATE
TRANSACTIONS
2019
 
May
1
Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,450 plus 8 percent sales tax, terms n/30.
 
15
Recorded cash sales, $3,700 plus 8 percent sales tax.
 
31
Received payment on account due from Bill Gomez for the sale on May 1.
 

 

 

 

Vicente Company made sales using the following list prices and trade discounts. What amount should be recorded for each sale?

List price of $510 and trade discount of 20 percent.

List price of $610 and trade discount of 40 percent.

List price of $190 and trade discount of 30 percent.

 

 

 

A wholesale business sells goods with a list price of $860 and a trade discount of 25 percent. The net sales price is

Multiple Choice

$215.00.

$645.00.

$860.00.

$885.00.

 

 

 

 

Kay Sadia sold merchandise for $8,250 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for:

Multiple Choice

$8,910.00.

$7,755.00.

$8,250.00.

$8,244.00.

 

 

 

Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.

Assume the following account balances at January 1, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Accounts Receivable (control account)
$
8,400
 
Accounts Receivable—John Gibrone
 
5,200
 
Accounts Receivable—Jim Garcia
 
2,140
 
Accounts Receivable—June Lin
 
1,060
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL JOURNAL
 
DATE
DESCRIPTION
POST. 

REF.
 
DEBIT
 
CREDIT
 
2019
 
 
 
 
 
 
 
 
 
 
 
Jan.
 8
Cash
 
 
 
520
 
 
 
 
 
 
 
 
Accounts Receivable/John Gibrone
 
 
 
 
 
 
 
520
 
 
 
 
Received partial payment on
 
 
 
 
 
 
 
 
 
 
 
 
account from John Gibrone
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20
Sales Returns and Allowances
 
 
 
100
 
 
 
 
 
 
 
 
Sales Tax Payable
 
 
 
8
 
 
 
 
 
 
 
 
Accounts Receivable/Jim Garcia
 
 
 
 
 
 
 
108
 
 
 
 
Accept return of defective
 
 
 
 
 
 
 
 
 
 
 
 
merchandise, Credit
 
 
 
 
 
 
 
 
 
 
 
 
Memorandum 121; original sale
 
 
 
 
 
 
 
 
 
 
 
 
made on Sales Slip 11102 of
 
 
 
 
 
 
 
 
 
 
 
 
December 27, 2018
 
 
 
 
 
 
 
 
 
 
 
 

 

Prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.

Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019?

 

 

 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

If Lacy’s Department Store charges 8 percent sales tax, the amount of sales tax collected on a $525 sale would be
 

 

Multiple Choice
 

 


 

 

$4.20.
 

 


 

 

$420.00.
 

 


 

 

$42.00.
 

 


 

 

$567.00.
 

 

 
 

 

 
 

 

 
 

 

___________ are required to collect sales tax from customers, make periodic payments to the taxing authority, and pay the taxes due when reports are filed.
 

 

Multiple Choice
 

 


 

 

Wholesalers
 

 


 

 

Retailers
 

 


 

 

Manufacturers
 

 


 

 

Distributors
 

 

 
 

 

 
 

 

 
 

 

The Sales Returns and Allowances account is classified as
 

 

Multiple Choice
 

 


 

 

an asset account.
 

 


 

 

a contra asset account.
 

 


 

 

a contra revenue account.
 

 


 

 

a revenue account.
 

 

 
 

 

 
 

 

 
 

 

The amount used by wholesalers to record sales in the general journal is
 

 

Multiple Choice
 

 


 

 

the retail price.
 

 


 

 

the net price.
 

 


 

 

the list price.
 

 


 

 

the original price.
 

 

 
 

 

 
 

 

 
 

 

Which of the following describes the Sales Tax Payable account?
 

 

Multiple Choice
 

 


 

 

A liability account with a normal credit balance.
 

 


 

 

A liability account with a normal debit balance.
 

 


 

 

A revenue account with a normal credit balance.
 

 


 

 

An asset account with a normal debit balance.
 

 

 
 

 

 
 

 

 
 

 

Which of the following describes the Sales Returns and Allowances account?
 

 

Multiple Choice
 

 


 

 

A revenue account with a normal credit balance.
 

 


 

 

An expense account with a normal debit balance.
 

 


 

 

A contra expense account with a normal debit balance.
 

 


 

 

A contra revenue account with a normal debit balance.
 

 

 
 

 

 
 

 

 
 

 

The amount of the trade discount taken by the customer is:
 

 

Multiple Choice
 

 


 

 

recorded as an expense.
 

 


 

 

recorded as a revenue.
 

 


 

 

recorded as a liability.
 

 


 

 

not recorded directly as sales are recorded net of trade discounts.
 

 

 
 

 

 
 

 

 
 

 

Kay Sadia sold merchandise for $7,200 subject to a 8% sales tax. The entry in the general journal will include a debit to Accounts Receivable for:
 

 

Multiple Choice
 

 


 

 

$6,624.00.
 

 


 

 

$7,200.00.
 

 


 

 

$7,776.00.
 

 


 

 

$12,960.00.
 

 

 
 

 

 
 

 

 
 

 

Modern Candy, a wholesaler, sold a crate of candy for $360.00 on account to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, what would be the total amount credited to the sales account?
 

 

Multiple Choice
 

 


 

 

 
 

 

$360.00
 

 


 

 

$356.40
 

 


 

 

$363.60
 

 


 

 

$324.00
 

 

 
 

 

 
 

 

 
 

 

Kay Sadia sold merchandise for $7,200 subject to 8% sales tax.  The entry in the general journal to record the sale will include:
 

 

Multiple Choice
 

 


 

 

a debit to Sales Tax Payable for $576.00.
 

 


 

 

credit to Sales for $7,200.00.
 

 


 

 

a credit to Sales for $7,776.00.
 

 


 

 

a debit to Accounts Receivable for $7,200.00.

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