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A. asset.
B. expense.
C. liability.
D. revenue.
A. sales account.
B. cost of merchandise sold account.
C. transportation out account.
D. transportation in account.
A. RM23,324
B. RM24,500
C. RM22,344
D. RM23,344
4. Merchandise with an invoice price of RM15,000 is purchased with terms of 3/10, n/45,
FOB shipping point. Transportation costs paid by the buyer were RM162. What is the
cost of the merchandise purchased if payment is made during the discount period?
A. RM14,712.00
B. RM14,707.14
C. RM15,162.00
D. RM15,000.00
5. When a corporation sells merchandise and the terms are FOB shipping point and pays
the shipping costs, the seller would record the transportation costs with the following
entry:
A. RM500
B. RM20
C. RM480
D. RM520
A. Account Receivable
B. Account Payable
C. Purchases
D. Inventory
9. The major revenue of merchandiser is ______while the major expense(s) is (are) _____.
11. The buyer is responsible for the shipping costs when the shipping is:
12. Which of the following account would the seller debit when the purchaser takes
advantage of credit terms within the discount period?
A. Purchase Discount
B. Purchase Returns and Allowances
C. Sales Returns and Allowances
D. Sales Discount
13. Under a perpetual inventory system, the entry to record the cost of goods sold would
include a debit to:
A. Inventory and credit to Sales Revenue for the retail price of the inventory
B. Cost of Goods Sold and credit to Inventory for the retail price of the inventory
C. Cost of Goods Sold and credit to Inventory for the cost of the inventory
D. Inventory and credit to Sales Revenue for the cost of the inventory
14. In a perpetual inventory system, what accounts are credited when a customer returns
merchandise to the seller?
15. Credit terms are 3/12, n/30 indicates that the buyer is:
A. RM1,309,100
B. RM1,313,000
C. RM1,430,000
D. RM1,820,000
A. RM900,900
B. RM780,000
C. RM897,000
D. RM919,100
A. RM780,000
B. RM757,900
C. RM770,900
D. RM1,277,900
19. If merchandised sold on account is returned, the seller may inform the buyer of the
reduction on the item by issuing:
A. an invoice
B. a receipt
C. a debit notes
D. a credit notes
20. Which of the following is a FALSE statement about a multiple-step income statement?
1. The following were selected from among the transactions completed by Aish Works
during December of the current year.
Dec 3. Purchased merchandise on account from Tania Enterprise, list price RM24,000,
trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid
transportation cost of RM615 added to the invoice.
13. Paid Tania Enterprise on account for purchase of 3 December, less discount.
15. Paid Mama Enterprise on account for purchase of 5 December, less return of
December 7 and discount.
19. Sold merchandise on MasterCard, RM39,500. The cost of the merchandise sold
was RM23,700.
22. Sold merchandise on account to LCW Resources, RM11,300, terms 2/10, n30.
The cost of the merchandise sold was RM6,700.
23. Sold merchandise for cash, RM17,680. The cost of the merchandise sold was
RM9,100.
REQUIRED:
2. On 30 April 2018, the balances of the accounts appearing in the ledger of Headwinds
SdnBhd are as follows:
Cash RM18,300 Sales discounts RM9,375
Accounts receivable 72,125 Purchases 536,500
Inventory, 1/5/2017 87,725 Purchases return and
6,000
allowances
Office supplies 3,025 Purchase discounts 4,500
Prepaid insurance 4,500 Transportation in 10,900
Land 35,000 Salaries sales expense 156,250
Store equipment 170,775 Advertising expense 55,000
Accumulated depreciation Depreciation expense – store
55,900 5,900
– store equipment equipment
Office equipment 78,500 Delivery expense 9,000
Accumulated depreciation Miscellaneous selling
16,250 10,700
– office equipment expense
Accounts payable 27,825 Office salaries expense 100,000
Salaries payable 2,950 Rent expense 31,250
Unearned rent 8,300 Insurance expense 3,000
Notes payable 12,500 Office supplies expense 2,300
Mat Aman, Capital 190,050 Administrative expense 5,850
Mat Aman, Drawing 18,750 Rent revenue 6,250
Sales 1,106,450 Interest expense 750
Sales return and Depreciation expense – office
10,000 1,500
allowances equipment
REQUIRED:
(a) Prepare a statement of comprehensive income for Headwinds SdnBhd for the year
ended 30 April 2018.
(b) Prepare a statement of financial position for Headwinds SdnBhd as at 30 April 2018.
BKAL1013 (A172)
NAME: ______________________________________
ANSWER:
1. 16.
2. 17.
3. 18.
4. 19.
5. 20.
6. 21.
7. 22.
8. 23.
9. 24.
10. 25.
11. 26.
12. 27.
13. 28.
14. 29.
15. 30.