are shipped from the seller, the ters 6. Iftitle to b FOB destination d. Two met
ID: 2392620 • Letter: A
Question
are shipped from the seller, the ters 6. Iftitle to b FOB destination d. Two methods of accounting for uncollectible accounts are the FOB shipping point 7. and the net realizable method method and the allowance method b. direct c direct write-off method and the acerual method. 8. Every controlling account must have its own a journal c revenue ledger d. general ledger 9, maturity value of A 60day, 9% note for $10,000, dated May 1, is received from a customer on account. The the note is a. $10,000 b. $9,100 $10,900 d. $10,150 10. Which of the following is recorded in the cash receipts journal? a. cash received on customer's account b. cash withdrawn by the owner adjusting entry for depreciation cash purchase of equipment c. d. Which of the following is not a business transaction? a receive cash for services to be rendered later 11. b. pay for supplies make a sales offer c. d. sell goods for cash 12. pay the freight costs ofdelivering merchandise, the delivery terms are stated as If the seller is to a. FOB shipping point b. FOB seller c. FOB destination d. FOB n/30Explanation / Answer
6. d. FOB shipping point
7. b. direct write-off method and the allowance method.
8. b. subsidiary ledger
9. d. $10,150
Interest on Note = $10,000 x 9% x 2/12 = $150
Payment after 2 months = Note + interest
= $10,000+$150 = $10,150
10. a. Cash received on customer's account
11. c. make a sales offer.
It may or may not become a business transaction depend on its acceptance by another party.
12. c. FOB destination.
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