July 3. Paid $130 cash for freight charges on the purchase of July 1.The correct journal entry is:
A. Dr. Delivery expense 130 Cr. Cash 130
B. Do not need to prepare journal entry.
C. Dr. Merchandise inventory 130 Cr. Cash 130
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July 2. Sold merchandise to Drive Co. for $900 under credit terms of 1/10, n/60, FOB shipping point, invoice dated July 2. The cost of the merchandise sold is $533.The correct journal entries are:
A. Dr. Cash 900 Cr. Sales 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
B. Dr. Accounts receivable 900 Cr. Fees earned 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
C. Dr. Accounts receivable 900 Cr. Sales 900Dr. Cost of merchandise sold 533 Cr. Merchandise inventory 533
On August 31, it paid a $400 installment to repay the principal on the notes payable entered into on August 4.The correct journal entry is:
A. Dr. Accounts payable 400 Cr. Cash 400
B. Dr. Notes payable 400 Cr. Cash 400
C. Dr. Interest expense 400 Cr. Cash 400
On August 2, Expressions paid $600 cash for buying furniture for the business.The correct journal entry is:
A. Dr. Furniture 600 Cr. Notes payable 600
B. Dr. Furniture 600 Cr. Cash 600
C. Dr. Furniture 600 Cr. Accounts payable 600
On August 4, it purchased $1,200 of equipment on credit for the shop (using a long-term notes payable).The correct journal entry is:
A. Dr. Equipment 1,200 Cr. Accounts payable 1,200
B. Dr. Equipment 1,200 Cr. Cash 1,200
C. Dr. Equipment 1,200 Cr. Notes payable 1,200
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