Professional Documents
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Which of the following errors will cause trial balance to be “out of balance”
a. When the entire journal entry was not posted
b. When Journal entry is doubly posted
c. When a debit entry in the journal was credited
d. All of the
______2. 2/10 n/30 discount term means a 2% discount if paid within 10 days
a. From the invoice date c. before the invoice date
b. After the invoice date d. none of these
_____3. Which of the following is “cost”?
a. Merchandize Inventory End c. freight - in
b. It depends upon shipping term d. freight – out
_____4. The normal balance of account Sales is-
a. Debit balance b. Credit balance c. in-balance d. out balance
_____5. The merchandise left on hand and unsold at the end of the period
a. Merchandise Inventory End c. Cost of Good Available for Sale
b. Merchandise Inventory Beg d. Cost of Sales
_____6. When is physical inventory count usually conducted?
a. At the end of any given period c. semi-annually
b. At the start of the year d. quarterly
_____7. A company buys merchandise costing 25,000 and returned 5,000 cost of merchandise. If discount term is 2/10
N/30 and the company pays within the discount period, how much amount should pay to seller?
a. 19,600 b. 20,000 c. 21,000 d. 24,500
_____8. The entry to record the return of goods previously purchase on account due to bad order will include
a. Debit to accounts payable c. debit to Purchase Ret. & Allowances
b. Credit to accounts payable d. A debit to Purchase Discount
_____9. R. Alicayos Superstore sold merchandise on account for 37,000 and received cash payment of 35,705 after
deducting the sales discount. What was the percent of sales discount?
a. 2% b. 2.5% c. 3% d. 3.5%
_____10. On July 9, 20A Leomar Virador Co. collects its sales on account from Rebecca Dalagan Grocery Store in the
amount of 48,750 after giving a discount term of 2.5/10 N/30. The journal entry on June 30, 20A tor record the sales on
account will include
a. Debit, Accounts Receivable 48, 750 c. Debit, Accounts Receivable 50,000
b. Credit, Sales, 48750 d. Credit, Cash 50,000 filler
MERCADO TRUCKING SERVICES
TRIAL BALANCE
JUNE 30, 2012