MCQ 1 Which of the following accounts is not reported in inventory? a. Raw materials. b. Finished goods. c. Building. d. Supplies. MCQS 2 AG Inc. made a €10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for €9,900 b. Debit Accounts Receivable for €9,900 and Sales Discounts for €100 c. Debit Accounts Receivable for €10,000 d. Debit Accounts Receivable for €10,000 and Sales Discounts for €100
MCQ 1 Which of the following accounts is not reported in inventory? a. Raw materials. b. Finished goods. c. Building. d. Supplies. MCQS 2 AG Inc. made a €10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for €9,900 b. Debit Accounts Receivable for €9,900 and Sales Discounts for €100 c. Debit Accounts Receivable for €10,000 d. Debit Accounts Receivable for €10,000 and Sales Discounts for €100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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MCQ 1
Which of the following accounts is not reported in inventory?
a. Raw materials.
b. Finished goods.
c. Building.
d. Supplies.
MCQS 2
AG Inc. made a €10,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the
a. Debit
b. Debit Accounts Receivable for €9,900 and Sales Discounts for €100
c. Debit Accounts Receivable for €10,000
d. Debit Accounts Receivable for €10,000 and Sales Discounts for €100
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