Written Exam Bookkeeping NC Iii: I. Directions. Encircle The Correct Answer From The Given Options Below

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WRITTEN EXAM

BOOKKEEPING NC III

I. Directions. Encircle the correct answer from the given options below.

1. It is a type of business engaged in buying and selling of products to the


customer.
A. Selling
B. Merchandising
C. Journalizing
D. Accounting

2. It is an account that summarizes the reduction of amount from selling prices of


merchandise.
A. Sales Return
B. Sales Discount
C. Sales Incentive
D. Sales allowances

3. An account title in merchandising used to summarize transportation cost for


delivery of merchandise products.
A. Freight out
B. Freight in
C. Transportation expense
D. Outgoing transportation

4. Account used to summarize sale of stocks in a trade of a merchandise.


A. Selling
B. Sales
C. Debit
D. Credit

5. How do you entice buyers or client to settle their account in an early schedule?
A. Provide extra items
B. Provide discounts
C. Make the items on sale
D. Provide grant cash discount

6. Select the appropriate discount terms when a customer was given a 5 percent
discount when the item is paid within 15 days.
A. 5/30
B. 15/5
C. 5/15
D. 30/5

7. It is used by the business entity to define and segregate each class of items for
which money or the equivalent is spent or received.
A. Account number
B. Chart of account
C. T Accounts
D. Book of accounts

8. Which of the following is an example of transaction?


A. Bought office supplies, P6,500.00
B. Paid salaries, P10,000.00
C. Paid electric bill, P1500.00
D. All of the above

9. How do you ensure the accounting equation is maintained?


A. Debit and credit amount is equal
B. Debit and credit amount is unequal
C. Debit and credit amount is adjusted
D. Debit and credit amount is deducted

10.What is the given data that will show a difference between perpetual and
periodic inventory?
A. Cost of ending inventory
B. Cost of sales
C. Cost of expense
D. Cost of merchandise

11. What do you call the process of recording transaction in an accounting


journal?
A. Merchandising
B. Recording
C. Journalizing
D. Bookkeeping

For questions 12-17. Create general journal for the following transaction
showing the five parts of the journal for the Month of March 2022
1- Started business under the name of Angelo’s merchandise with investment
of cash, P52,000.
2- Bought merchandise in cash, P20,550
Purchase merchandise on account from John Leomar, P16,000. Terms
2/10, n/30
Bought equipment from Sinelyn Company on cash basis P9,000.00
4- Sold merchandise on account to Adelen Store, P18,600.00. Terms:3/10,
n/30
The cost of sales worth P9,300.00
Paid transportation for today’s transaction P225.00
5- Returned to John Leomar merchandise worth P900.00 on account of defect
in quality.
ANSWER KEY

1. B

2. A

3. A

4. B

5. D

6. C

7. B

8. D

9. A

10. A

11. C

12-17
Angelo Merchandise
General Journal
March 2022

Date Particulars Ref Dr. Cr.


March 1 Capital 301 52,000
Cash 101 52,000
Capital for business
March 2 Purchases 20,550
Cash 101 20,550
Cash purchases

2 Purchases 405 16,000


The Transaction of Angelo Merchandise for the month of January, 2019, were the following

1 – Started business under the name of Angelo's Merchandise with investment of cash, P550,500.00
and merchandise of P150,000.00. Paid rent the month, P4,000.00
Bought Equipment from Sinelyn Company on cash basis P40,000.00
3 – Bought merchandise Account Payable
in cash, P190,550.00 202 16,000
Purchased merchandise
Payable on toaccount
John from John Leomar, P100,000.00.Terms: 2/10,n/30
Leomar
6 – Sold merchandise for cash to different customers, P110,000.00
7 – Returned 2to John Leomar merchandise worth P10,000.00 on account 104
Equipment of defect9,000
in quality.
Purchased merchandise on account form Angelica Mdse., P160,000.00.Terms: 2/10,1/20,n/30
Paid P4,560.00Cash
to Vanessa Frieght Corp. for the delivery of the101
merchandise bought from9,000
Angelica Mdse.
10 – Paid Miscelenous, P9,000.00
Purchase Equipment
12 – Sold to various customers P120,000.00
13 –Angelo withdrew for personal use the following: cash, P5,500.00
Paid
4 account to Johnreceivable
Account Leomar in full less the discount of 2% 102 18,600
14 – Collected account from Adelene Store in full less the discount allowed.
Sales P12,050.00
15 – Paid salaries of employees, 401 18,600
Purchased merchandise
Cost of on account from Leizl Inc., P240,000.404
sales Terms:2/10,n/30 9,300
16 – Sold to Angelina on account P150,000,Terms: n/60. Cash Sales, P40,000.Paid Selling expenses P4,000.00
Receivable
18 –Made refund to Angelina to Adeline
for merchandise returned, P12,000.00
Sold to Seth on account, P40,500.00 Terms: 2/10,n/30
22 –Received money for the loan on QCRB 50,000. Cash Sales P80,000.00
4 Expenses
25 – Paid general Transportation
P3,000.00 expense 503 225
Cash
27 – Paid in full the account to Angelica Mdse. 101 225
31 – Paid salaries of employees, P10,050.00 . Cash sales P32,450.00.
Sold om accountTransportation
to LCB Marketingexpenses
P42,760.00. Terms:2/10, n/30

Actual showed
Chart merchandise inventory on December 31 of 273,489.00
of account:

Chart of Account
Assests Equity Expenses
101 Cash 301 Angelo's Capital 501 Miscelenuos Expense
102 Accounts Recievable 302 Angelo's Personal 502 General Expense
103 Merchandise Inventory 401 Sales 503 Freight Out
104 Office Equipment 402 Sales Return 504 Salary Expense
105 Office Supplies 403 Sales Discount 505 Selling Expenses
404 Cost of Good Sold 506 Rent Expense
Liabilities 405 Purchases 507 Tax Expense
201 Notes Payable 406 Purchase Return
202 Accounts Payable 407 Purchase Discount 600 Income Summary
408 Frieht In

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