The onesler

Question
1 of 50
Which of the following is usually the largest current asset for a retailer?

Inventory

Question
2 of 50
In which journal would a return of merchandise purchased on account be recorded?
The general journal

Question
3 of 50
To find an error, you start with the trial balance and work your way back to which of the following?

The financial statements you start with the trial balance and work your way back through the ledger and the journal to the transaction

Question
4 of 50
Which of the following journal entries would a retailer make to record a purchase of inventory on account?

D
D)
Inventory XXXX

Accounts Payable

XXXX

Question
5 of 50
Case 5.7
Sam 's purchases $20,000 worth of goods on September 2. Terms of the purchase are 2/10 net 30 and FOB destination. The goods are shipped on September 3. The goods arrive at Sam 's store on September 5. Shipping costs are $70. Sam pays for the goods on September 25.
Refer to Case 5.7. Sam will debit inventory for which of the following amounts?

2070
Question
6 of 50
In which journal would the sale of merchandise on account be recorded?

SALES JOURNAL

Question
7 of 50
Which of the following is the ledger containing the customers ' individual accounts?

THE GENERAL LEDGER

Question
8 of 50

NIKE

9 of 50
Which of the following is the correct journal entry for paying $5,000 for an amount owed to a supplier?
D)
Accounts Payable $5,000

Cash

$5,000

Question
10 of 50
Two types of inventory systems that a retailer can use are: periodic and perpetual.

Question
11 of 50

Referring to Case 2.1, what is the ending balance in the Accounts Payable account?

6,000

Question
12 of 50
What is the purpose of the sales journal? To record sales of merchandise on account

Question
13 of 50
Refer to Case 4.1. What is the journal entry to close Income Summary?
D)
Income Summary