000 B. $61,500 C. $58,500 D. $38,500 Question 10 of 20 0.0/ 5.0 Points Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to

quetion 10 -20

Question 10 of 20

0.0/ 5.0 Points

Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to record this payment?

[removed] A. Debit Cash $900; credit Accounts Receivable Sales $900
[removed] B. Debit Cash $936; debit Sales Discount $18; credit Accounts Receivable $954
[removed] C. Debit Cash $954; credit Sales $954
[removed] D. Debit Cash $936; credit Sales $936

Question 11 of 20

0.0/ 5.0 Points

The collection on an account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause the

[removed] A. the net income for the period to be understated.
[removed] B. the net income for the period to be overstated.
[removed] C. the control account to not agree with the subsidiary ledger.
[removed] D. the assets to be overstated.

Question 12 of 20

0.0/ 5.0 Points

If a credit memorandum is issued, which account will be decreased on the seller’s books?

[removed] A. Accounts Receivable
[removed] B. Accounts Payable
[removed] C. Sales Discount
[removed] D. Sales Returns and Allowances

Question 13 of 20

0.0/ 5.0 Points

The principal ledger containing all the balance sheet and income statement accounts is the _______ ledger.

[removed] A. general
[removed] B. creditors’
[removed] C. customers’
[removed] D. subsidiary

Question 14 of 20

0.0/ 5.0 Points

Monica’s Closet received payment in full for goods sold within the discount period on a $500 sales invoice, terms 2/10, n/30. Which entry records this payment?

[removed] A. Debit Accounts Receivable; credit Sales $500
[removed] B. Debit Cash; credit Accounts Receivable $500
[removed] C. Debit Cash $490, debit Sales Discount $10; credit Sales $500
[removed] D. Debit Cash $490, debit Sales Discount $10; credit Accounts Receivable $500

Question 15 of 20

0.0/ 5.0 Points

Which statement about subsidiary ledgers is most accurate?

[removed] A. The subsidiary ledger accounts will never equal the control account in the general ledger.
[removed] B. The Accounts Receivable subsidiary ledger is a book of accounts that provides supporting detail for Accounts Receivable.
[removed] C. The subsidiary ledger accounts will equal the amount in the Sales account.
[removed] D. All of the above

Question 16 of 20

0.0/ 5.0 Points

A received payment within the discount period for previously merchandise sold will be recorded with a

[removed] A. credit to an asset account.
[removed] B. debit to a liability account.
[removed] C. debit to Capital.
[removed] D. None of the above

Question 17 of 20

0.0/ 5.0 Points

When using a subsidiary ledger, the Accounts Receivable account in the general ledger is called the _______ account.

[removed] A. master
[removed] B. subsidiary
[removed] C. receivable
[removed] D. controlling

Question 18 of 20

0.0/ 5.0 Points

A collected payment from a credit customer will be recorded with a

[removed] A. credit to an asset account.
[removed] B. credit to a liability account.
[removed] C. credit to Capital.
[removed] D. None of the above

Question 19 of 20

5.0/ 5.0 Points

R&R Lumber reports gross sales of $70,000. If sales returns and allowances are $10,000 and sales discounts are $3,000, what are the net sales?

[removed] A. $83,000
[removed] B. $63,000
[removed] C. $57,000
[removed] D. $70,000

Question 20 of 20

5.0/ 5.0 Points

Payment of $99 for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period. This was recorded with a debit to Sales Discounts for $1, a debit to Cash for $99, and a credit to Accounts Receivable for $100, but no mention was made of the subsidiary ledger account. This error will cause the

[removed] A. net income for the period to be overstated.
[removed] B. net income for the period to be understated.
[removed] C. control account to not agree with the subsidiary ledger.
[removed] D. assets to be overstated.

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Question 10 of 20 0.0/ 5.0 Points Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to

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