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# Thread: Accounting Help(reps)

1. ## Accounting Help(reps)

A company purchased \$1,800 of merchandise on December 5. On December 7, it returned \$200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8:

A company had sales of \$135,000, sales discounts of \$2,000 and sales returns of \$3,200. The company's net sales equal:

Will rep.

2. bump

1. a

2. d

3. e

4. 1. b

2. e

3. b.

(srs)

5. Originally Posted by 4xx
1. b

2. e

3. b.

(srs)
Reps on recharge! PM me if I forget.

6. Originally Posted by P51
Reps on recharge! PM me if I forget.
New questions up, will rep.

7. Idk if the other guy just guessed, but I did a years of accounting study (not much I know lol) and even basic terminology here is a give away.

Transfer of assets to stockholders appears on revenue account (unsure about this one, but I do know by process of elimination (knowing what goes on the others) it has to be this one.

An adjusting entry cannot be made for dividends because nothing is credited or debited. It is entry on a corporations balance sheet under owners equity.

And if you actually know what goes on a balance sheet (101 accounts here) you realise that its basically assets and liabilities with nothing about revenue, expenditure or dividends.

http://www.quickmba.com/accounting/fin/closing-entries/

so 1a 2c 3c

8. A company purchased \$1,800 of merchandise on December 5. On December 7, it returned \$200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8:

1600-200 = 1400

1400 * 0.98 =

Basically you know he only sold 1600 and a 2% discount means you only get 98% of the sales figure.

A company had sales of \$135,000, sales discounts of \$2,000 and sales returns of \$3,200. The company's net sales equal:

135000 - 2000 - 3200 = \$129800

omg I can do math lol

This **** is so easy why waste your time copying it out lol?

Oh and I seriously hope by all these dumb ass accounting questions on misc means you not only don't know this stuff and that you're not bothering to learn it.

Can't wait to mop your ass at a job interview bro.

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