ACCT 304 DeVry Week 1 Complete Work Latest
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neutrality.<br />
Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down<br />
payment and a 12% note for the balance. The journal entry to record this sale would include a<br />
credit to cash.<br />
debit to cash discount.<br />
debit to note receivable.<br />
credit to note receivable.<br />
Question 4. Question : (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account<br />
decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms<br />
purchased during the year?<br />
$1,600,000<br />
$1,800,000<br />
$2,200,000<br />
$2,400,000<br />
Question 5. Question : (TCO 3) The purpose of closing entries is to transfer<br />
accounts receivable to retained earnings when an account is fully paid.<br />
balances in temporary accounts to a permanent account.<br />
inventory to cost of goods sold when merchandise is sold.<br />
assets and liabilities when operations are discontinued.
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