Answered: account with the following terms: 2/15,…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

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MCQS 1

AS Inc. made a €40,000 sale on account with the following terms: 2/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as sales revenue?
a. € 38,400
b. € 40,800
c. €40,000
d. €39,200
MCQ 2
Which of the following is not considered cash for financial reporting purposes?
a. Petty cash funds and change funds
b. Dividends receivable
c. Coin, currency, and available funds
d. Money orders, certified checks, and personal checks
MCQ 3
Travel advances should be reported as
a. supplies.
b. cash because they represent the equivalent of money.
c. investments.
d. None of these answer choices are correct.

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