I need help with an accounting assignment
To prove that the subsidiary ledger agrees with the Accounts Payable controlling account balance, complete a
A. debit memorandum.
OUR PROCESS
Order
Payment
Writing
Delivery
Why Choose Us: Cost-efficiency, Plagiarism free, Money Back Guarantee, On-time Delivery, Total Сonfidentiality, 24/7 Support, 100% originality
B. schedule of accounts payable.
C. purchase order.
D. schedule of accounts receivable.
On June 15, Paradise Park purchased merchandise for the racetrack. The invoice was for $4,500, terms 2/10, n/30. On June 20, Paradise Park returned $200 of merchandise for credit. On June 25, it paid the amount owed. The debit to Purchases on June 15 is
A. $4,214.00.
B. $4,786.00.
C. $4,300.00.
D. $4,500.00.
On November 30, Janoch’s Dog Kennel purchased $600 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is
A. $600.
B. $640.
C. $560.
D. $550.
When merchandise is bought for resale, which account would be decreased?
A. Store Equipment
B. Purchases
C. Cash
D. Capital
The entry to record a payment on a $600 account within the 2% discount period would include a
A. debit to Accounts Payable for $588.
B. debit to Accounts Payable for $600.
C. credit to Purchases for $588.
D. debit to Cash for $600.
The entry to record returned merchandise to Vans Company is which of the following?
A. Debit Purchases Returns and Allowances; credit Accounts Payable in the general ledger
B. Debit Accounts Payable; credit Purchases
C. Debit Accounts Payable/Vans Company in the accounts payable subsidiary ledger; debit Accounts Payable in the general ledger; credit Purchases Returns and Allowances
D. Debit Purchases; credit Accounts Payable
A debit memorandum increases which account on the buyer’s books?
A. Accounts Payable
B. Purchases Returns and Allowances
C. Sales Returns and Allowances
D. Accounts Receivable