Reference no: EM132178808
Questions -
Q1. A manufacturer begins the month with 4,000 completed units in finished goods inventory and ends the month with 7,000 units. During the month the company produced 27,000 finished units. How many units did the manufacturer sell during the month?
a. 3,000
b. 11,000
c. 24,000
d. 27,000
e. 30,000
Q2. Retailer XYZ Company buys books on account from a wholesale firm with the following terms: 1/10, n/30. If XYZ pays within 10 days, the early payment discount is based on which of the following?
a. 1% of (Total invoice - credit for returned merchandise)
b. 1% of (Total invoice + credit for returned merchandise)
c. 1% of Total invoice
d. 30% of (Total invoice + credit for returned merchandise)
e. No early payment discount applies
Q3. Z Company reconciles its bank account and discovers that a previously deposited customer's check was returned for insufficient funds. What journal entry corrects this?
a. Debit accounts receivable and credit cash
b. Debit accounts payable and credit cash
c. Debit miscellaneous expense and credit cash
d. Debit cash and credit accounts payable
e. Debit cash and credit accounts receivable
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