Author Question: Carlyle Company sold goods for 425 plus a 7 percent sales tax to a customer using a bank credit ... (Read 365 times)

TVarnum · **on:** Jul 6, 2018

Carlyle Company sold goods for 425 plus a 7 percent sales tax to a customer using a bank credit card. The bank deducts a 3 percent discount. Carlyle Company debits Cash for
a. 441.11.
b. 412.25.
c. 454.75.
d. 437.75.
e. 468.50.

Question 2

A county uses the consumption method to account for General Fund materials and supplies. The beginning inventory of materials and supplies was 122,000 . The ending inventory was 150,000 .

The beginning balance of reserve for encumbrances (for supplies ordered but not received at the beginning of the year) was 50,000; the ending balance was 20,000 . Supplies purchased during the year totaled 750,000 . The county General Fund should report expenditures for materials and supplies for the year of
a. 722,000
b. 750,000
c. 752,000
d. 780,000