96. The entry to record the receipt of payment within the discount period on a sale of ¥12,500 with terms of 2/10, n/30 will include a credit to
a.Sales Discounts for ¥250.
b.Cash for ¥1,225.
c.Accounts Receivable for ¥12,500.
d.Sales Revenue for ¥12,500.
97. The collection of a ¥9,000 account within the 2 percent discount period will result in a
a.debit to Sales Discounts for ¥180.
b.debit to Accounts Receivable for ¥8,820.
c.credit to Cash for ¥8,820.
d.credit to Accounts Receivable for ¥8,820.
98. Company X sells $600 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check?
a.$420
b.$588
c.$540
d.$480
99. Birk Company sells merchandise on account for $5,000 to Kiner Company with credit terms of 2/10, n/30. Kiner Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?
a.$4,900
b.$4,920
c.$4,000
d.$3,920
100.The collection of a $1,200 account after the 2 percent discount period will result in a
a.debit to Cash for $1,176.
b.debit to Accounts Receivable for $1,200.
c.debit to Cash for $1,200.
d.debit to Sales Discounts for $24.
101.The collection of a ¥9,000 account after the 2 percent discount period will result in a
a.debit to Cash for ¥8,820.
b.credit to Accounts Receivable for ¥9,000.
c.credit to Cash for ¥9,000.
d.debit to Sales Discounts for ¥180.
102.In a perpetual inventory system, the Cost of Goods Sold account is used
a.only when a cash sale of merchandise occurs.
b.only when a credit sale of merchandise occurs.
c.only when a sale of merchandise occurs.
d.whenever there is a sale of merchandise or a return of merchandise sold.
103.Sales revenues are usually considered earned when
a.cash is received from credit sales.
b.an order is received.
c.goods have been transferred from the seller to the buyer.
d.adjusting entries are made.
104.A sales invoice is a source document that
a.provides support for goods purchased for resale.
b.provides evidence of incurred operating expenses.
c.provides support for credit sales.
d.serves only as a customer receipt.
105.Sales revenue
a.may be recorded before cash is collected.
b.will always equal cash collections in a month.
c.only results from credit sales.
d.is only recorded after cash is collected.