Reference no: EM132798080

Questions -

Q1. ABC inc purchased $9,000 inventory during the month of November from CDE co. CDE applied a credit for a return of previously purchased inventory for $400. ABC paid for the shipping and transport insurance; $200 & $75 respectively. What amount will ABC record for the November inventory purchase?

A) 9,000

B) 8,325

C) 8,600

D) 8, 875

E) 8,800

Q2. ABC inc purchased $9,000 inventory during the month of november from CDE co. CDE applied a credit for a return of previously purchased inventory for $400. ABC paid for the shipping and transport insurance; $500 & $75 respectively. What amount will ABC record for the november inventory purchase?

A) 8,975

B) 9,175

C) 9,575

D) 9,000

E) 8,600

Q3. ABC inc purchased supplies costing $4,250 and debited supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,150 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

A) debit supplies, $4,250; credit supplies expense, $4,250

B) debit supplies expense, $2,150; credit supplies, $2,150

C) debit supplies, $2,100; credit supplies expense, $2,100

D) debit supplies expense, $2,100; credit supplies, $2,100