Reference no: EM132977058

Questions -

Q1. On November 30, Janoch's Dog Kennel purchased $500 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. What the amount to record as payable?

A) $500.

B) $540.

C) $520.

D) $550.

Q2. The entry to record a purchase of $2,000 on account, terms of 2/10, n/30, would include a

A) debit to Purchases Discount for $40.

B) credit to Accounts Payable for $2,000.

C) debit to Accounts Payable for $2,000.

D) credit to Cash for $2,000.

Q3. Purchased office supplies on account. This will be recorded with

A) a debit to Purchases and a credit to Accounts Payable.

B) a debit to Supplies and a credit to Supplies Expense.

C) a debit to Supplies and a credit to Accounts Payable.

D) a credit to Supplies and a debit to Purchases.