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1)Marcus Corp uses a perpetual system. Marcus Corp purchases inventory for $64,000 on account with 2/15, n/30. If payment is made within the discount period what is the journal entry to record it? A) a debit to Accounts Payable for $64,000, a credit to Cash for $1,280, and a credit to Merchandise Inventory for $62,720 B) a debit to Accounts Payable for $64,000, a credit to Merchandise Inventory for $1,280, and a credit to Cash for $62,720 C) a debit to Merchandise Inventory for $1,280, a debit to Accounts Payable for $64,000, and a credit to Cash for $65,280 D) a debit to Accounts Payable for $62,720, a debit to Merchandise Inventory for $1,280, and a credit to Cash for $64,000 4) Joey Co. uses a perpetual system. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $45,000, and all other expenses totaled $12,000. There were no new capital contributions during the year. The beginning Owner, Capital balance of the merchandiser was $120,000. Owner withdrawals were $27,000. The ending balance of Owner, Capital would be? A) $143,000 B) $116,000 C) $170,000 D) $120,000 7) If you wanted to close out the Rent Expense account at the end of the year what journai entry would you do? A) debit Rent Expense and credit Income Summary B) debit Rent Expense and credit Owner, Capital C) debit Owner, Withdrawals and credit Rent Expense D) debit Income Summary and credil Rent Expense 9) Fields purchased an asset for $20,00. Residual value is 2,000 and has an estimated useful life of 10 years. If the company uses the straight-line depreciation method, calculate the depreciation expense for the first year. A) $2,000 B) $3,000 C) $1,800 D) $2,100

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