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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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1. The account that would be credited for the amount of tax

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1. The account that would be credited for the amount of tax collected on sales would be:

a. accounts payable
b. cash
c. sales
d. sales tax payable

2. A begining inventory of $75,000 is removed from the merchandise inventory account by:

a. debiting $75,000 to merchandise inventory
b. deibiting $75,000 to purchases
c. crediting $75,000 to merchandise inventory
d. crediting $75,000 to purchases

3. on a work sheet, the amount entered in the credit column of the balance sheet to balance the debits and credits is $56,000. this amount represents:

a. a net loss of $56,000
b. a net income of $56,000
c. an error of $28,000 in balancing accounts
d. cost of merchandise sold of $56,000

4. Which one of the following accounts is used only at the end of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts?
a. Capital
b. Cost of Merchandise Sold
c. Drawing
d. Income Summary

5. Assets that are used for several years in the operation of a business are called:
a. current assets
b. investments
c. marketable securities
d. property, plant, and equipment

6. Which one of the following terms indicates that a shipment is owned by the seller up to the point of destination and the seller pays the transportation costs?
a. COD
b. FOB Destination
c. FOB Shipping Point
d 4/10, EOM

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