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Neo
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Category: Homework
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Experience:  BS Accounting
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Another Name For Temporary Accounts Is

Customer Question

1. Another name for temporary accounts is:
A) Real accounts.
B) Contra accounts.
C) Accrued accounts.
D) Balance column accounts.
E) Nominal accounts.

2. The Income Summary account is used:
A) To adjust and update asset and liability accounts.
B) To close the revenue and expense accounts.
C) To determine the appropriate withdrawal amount.
D) To replace the income statement under certain circumstances.
E) To replace the capital account in some businesses.

3. Sales returns and allowances:
A) Can provide useful information about dissatisfied customers and the possibility of lost future sales.
B) Are recorded in separate contra-revenue accounts.
C) Are rarely disclosed in published financial statements.
D) Are closed to the Income Summary account.
E) All of the above.

4. An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is a:
A) Balanced income statement.
B) Single-step income statement.
C) Multiple-step income statement.
D) Combined income statement.
E) Simplified income statement.

Problem

Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
April 2: Sold Merchandise to Happy Hobby shop on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700.
April 4: Happy Hobby Shop returned merchandise that had a selling price of $200. The cost of the merchandise was $110.
April 13: Happy Hobby Shop paid for the merchandise sold on April 2, taking any appropriate discount earned.

Prepare the journal entries that Steve's Skateboards must make to record these transactions.

Submitted: 5 years ago.
Category: Homework
Expert:  Neo replied 5 years ago.

1. E

2. B
3. E
4. B

Steve Skateboard:

April 2

Debit. Accounts Receivable $4,800

Credit. Sales $4,800

Debit. Cost of Goods Sold $2,700
Credit. Merchandise Inventory $2,700

April 4
Debit. Sales Return and Allowance $200
Credit. Accounts Receivable $200

Debit. Merchandise Inventory $110
Credit. Cost of Goods Sold $110

April 13
Debit. Cash $4,554
Debit. Sales Discount $46
Credit. Accounts Receivable $4,600

Neo, Tutor
Category: Homework
Satisfied Customers: 12078
Experience: BS Accounting
Neo and 4 other Homework Specialists are ready to help you
Customer: replied 5 years ago.

Hey Neo,

Is there any way that you can explain to me how you worked out or got the numbers for April 13th, on the last question...

I'm not sure how you got it?

Expert:  Neo replied 5 years ago.
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