Chapter 24 Recording International and Internet Sales • 779
Study
24
Name Perfect
Score Your
Score
Identifying Accounting Terms 10 Pts.
Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.
Answers
1.
2.
3.
Column I
A. bill of lading
B. commercial invoice
C. contract of sale
Column II
1. Goods or services shipped out of a seller’s home country to a
foreign country. (p. 752)
2. Goods or services shipped into the buyer’s home country.
(p. 752)
3. A document that details all the terms agreed to by seller and
E
F
C
780 • Working Papers
Part Two—Analyzing International and Internet Sales
Directions: Place a T for True or an F for False in the Answers column to show whether
each of the following statements is true or false.
1. The risk of uncollected amounts is increased with international sales. (p. 753)
2. International sales are just as simple as domestic sales. (p. 753)
3. All transactions in the United States are covered by the same universal commercial laws
Answers
1.
2.
3.
TE
T
F
T
Chapter 24 Recording International and Internet Sales • 781
Name Date Class
Part Three—Analyzing Accounts Affected by International
and Internet Transactions
Directions: Analyze each of the following transactions into debit and credit parts.
Print the letter identifying your choices in the proper Answers column. Determine
in which journal each of the transactions is to be recorded.
G—General Journal; CPJ—Cash Payments Journal; CRJ—Cash Receipts Journal;
S—Sales Journal
Answers
Account Titles Transactions Journal Debit Credit
A. Cash 1-2-3. Received cash for international
1. 2. 3.
CRJ
A
B
6. A draft that is payable at a fixed or
determinable future time after it is accepted.
9. Goods or services shipped into the buyer’s
home country from another country.
10. A written, signed, and dated order from one
specified amount provided stated conditions are
met.
1
1
E
X
24-1 WORK TOGETHER, p. 760
NO. POST.
REF.
SALES
DISCOUNT
DEBIT
CASH
DEBIT
GENERAL JOURNAL PAGE
Journalizing international sales transactions
Sales 16 0 0 0 00
24-1 ON YOUR OWN, p. 760
SALES
DISCOUNT
DEBIT
CASH
DEBIT
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
20–
Sales 6 3 0 0 00
SALES
DISCOUNT
DEBIT
CASH
DEBIT
24-2 WORK TOGETHER, p. 763
Journalizing Internet sales transactions
24-2 ON YOUR OWN, p. 763
Journalizing Internet sales transactions
SALES
DISCOUNT
DEBIT
CASH
DEBIT
Chapter 24 Recording International and Internet Sales • 787
24-1 APPLICATION PROBLEM (LO4, 5), p. 767
1., 2.
NO. POST.
REF.
SALES
DISCOUNT
DEBIT
CASH
DEBIT
GENERAL JOURNAL PAGE
1.
Journalizing international sales transactions
Sales 12 0 0 0 00
12 Time Drafts Receivable TD33 7 0 0 0 00
Sales 7 0 0 0 00
25 Time Drafts Receivable TD34 26 5 0 0 00
Sales 26 5 0 0 00
788 • Working Papers
24-2 APPLICATION PROBLEM (LO6), p. 767
Journalizing Internet sales transactions
1., 2.
SALES
DISCOUNT
DEBIT
CASH
DEBIT
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
TE
Chapter 24 Recording International and Internet Sales • 789
Name Date Class
24-M MASTERY PROBLEM (LO4, 5, 6), p. 768
Recording international and Internet sales
1., 2.
123456
NO. POST.
REF.
GENERAL ACCOUNTS
DEBIT CREDIT
1.
790 • Working Papers
24-C CHALLENGE PROBLEM (LO4), p. 768
Recording international sales and converting foreign currency
1., 2.
CASH
DEBIT
TE
