Practice Quiz 5A
Complete the following quiz for the lesson: Sales Revenue
Assume that on January 24th Zee Corporation, a wholesaler of unicycles, sells 10 unicylcles (originally purchased at a price of $98/each) to a customer for $200/unit on account with terms of 1/10,n/30. The journal entry to record this transaction would include debits to *
1 point
Using the information from the previous question above, assume that on January 25th the customer returned to Zee Corporation one of the unicycles purchased on the 24th for full credit on account. Also assume that the returned unicycle is like new and can be resold by Zee. In this case, the journal entry to record the sales return on the books of Zee Corporation would include debits to *
1 point
Using the information from the previous two questions above, and assuming that on February 2nd the customer paid the full amount due, net of the discount, the journal entry to record the cash receipt on the books of Zee Corporation would include debits to *
1 point
Which of the following is a contra-revenue account? *
1 point
Before closing entries at the end of any accounting period, Sales Discounts will typically have *
1 point
*
1 point
Captionless Image
Sales Discounts and Sales Returns and Allowances are accounts that are *
1 point
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