Reference no: EM132608795
Questions -
Q1. Merchandise with a sales price of $2,600 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a
a. credit to Sales for $2,548
b. debit to Accounts Receivable for $2,528
c. debit to Cash for $2,600
d. debit to Sales Discounts for $52
Q2. Calculate income from operations for Jonas Company based on the following data:
Sales $764,000
Operating expenses 52,500
Cost of merchandise sold 538,000
a. $226,000
b. $173,500
c. $485,500
d. $711,500
Q3. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:
Accumulated Depreciation $2,858
Fees Earned 17,573
Depreciation Expense 1,187
Insurance Expense 557
Prepaid Insurance 3,566
Supplies 1,349
Supplies Expense 3,896
Net income for the period is
a. $11,933
b. $23,213
c. $9,075
d. $5,640