I need help with an accounting assignment
To prove that the subsidiary ledger agrees with the Accounts Payable controlling account balance, complete a
;A. debit memorandum.
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B. schedule of accounts payable.
C. purchase order.
D. schedule of accounts receivable.
On June 15, Paradise Park purchased merchandise for the racetrack. The invoice was for $4,500, terms 2/10, n/30. On June 20, Paradise Park returned $200 of merchandise for credit. On June 25, it paid the amount owed. The debit to Purchases on June 15 is
; A. $4,214.00.
; B. $4,786.00.
; C. $4,300.00.
; D. $4,500.00.
On November 30, Janoch’s Dog Kennel purchased $600 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. The amount to record in the Purchases account is
; A. $600.
; B. $640.
; C. $560.
; D. $550.
When merchandise is bought for resale, which account would be decreased?
; A. Store Equipment
; B. Purchases
; C. Cash
; D. Capital
The entry to record a payment on a $600 account within the 2% discount period would include a
; A. debit to Accounts Payable for $588.
; B. debit to Accounts Payable for $600.
; C. credit to Purchases for $588.
; D. debit to Cash for $600.
The entry to record returned merchandise to Vans Company is which of the following?
; A. Debit Purchases Returns and Allowances; credit Accounts Payable in the general ledger
; B. Debit Accounts Payable; credit Purchases
; C. Debit Accounts Payable/Vans Company in the accounts payable subsidiary ledger; debit Accounts Payable in the general ledger; credit Purchases Returns and Allowances
; D. Debit Purchases; credit Accounts Payable
A debit memorandum increases which account on the buyer’s books?
; A. Accounts Payable
; B. Purchases Returns and Allowances
; C. Sales Returns and Allowances
; D. Accounts Receivable