At the end of the day, the cash register tape shows $993 in cash sales but the count of cash in the register is $1,042. The proper entry to account for t">
1.;At the end of the day, the cash register tape shows $993 in cash sales but the count of cash...

Description

New solution updates


Question

"1.
At the end of the day, the cash register tape shows $993 in cash sales but the count of cash in the register is $1,042. The proper entry to account for this excess includes a
Debit to Cash Over and Short for $49.
Credit to Cash Over and Short for $49.
Credit to Cash for $49.
Debit to Petty Cash for $49.
Debit to Cash for $49.
2.
A company that uses the net method of recording invoices made a purchase of $700 with terms of 2/10, n/30. The entry to record the purchase would include
A credit to Cash for $686.
A credit to Discounts Lost for $14.
A debit to Merchandise Inventory for $686.
A debit to Discounts Lost for $14.
A debit to Cash for $686.
3.
If a check correctly written and paid by the bank for $493 is incorrectly recorded in the company's books for $439, how should this error be treated on the bank reconciliation?
Subtract $54 from the bank's balance and add $45 to the book's balance.
Add $54 to the book balance.
Add $54 to the bank's balance.
Subtract $54 from the bank's balance.
Subtract $54 from the book balance.
4.
At the end of the day, the cash register's record shows $1,252, but the count of cash in the cash register is $1,246. The correct entry to record the cash sales is
Debit Cash $1,252, credit Sales $1,246, credit Cash Over and Short $6.
Debit Cash Over and Short $6, credit Sales $6.
Debit Cash $1,246, debit Cash Over and Short $6, credit Sales $1,252.
Debit Cash $1,246, Credit Sales $1,246.
Debit Cash $1,252, credit Sales $1,252.
5.
The following information is available for Johnson Manufacturing Company at June 30
Cash in bank account $ 8,255
Inventory of postage stamps 92
Money market fund balance
14,200
Petty cash balance 530
NSF checks from customers returned by bank 1,047
Postdated checks received from customers 841
Money orders 2,057
A nine-month certificate of deposit maturing on
December 31 of current year 9,800
Based on this information, Johnson Manufacturing Company should report Cash and Cash Equivalents on June 30 of
$20,642
$22,985
$24,124
$24,032
$25,042
6.
The amount due on the maturity date of a $6,000, 60-day 8%, note receivable is (Use 360 days a year. Do not round intermediate calculations)
$6,480.
$6,000.
$5,920.
$5,520.
$6,080.
7.
Teller purchased merchandise from TechCom on October 17 of the current year and TechCom accepted Teller's $9,600, 90-day, 7% note. What entry should TechCom make on December 31, to record the accrued interest on the note? (Use 360 days a year. Do not round intermediate calculations.)
Debit Cash $28, credit Notes Receivable $28.
Debit Cash $168, credit Interest Revenue $140, credit Interest Receivable $28.
Debit Cash $140, credit Notes Receivable $140.
Debit Interest Receivable $140, credit Interest Revenue $140.
Debit Interest Receivable $28, credit Interest Revenue $28.
8.
A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts
Accounts receivable $ 443,000 Debit
Allowance for Doubtful Accounts 1,330 Debit
Net Sales 2,180,000 Credit
All sales are made on credit. Based on past experience, the company estimates 3.0% its outstanding receivables are uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Debit Bad Debts Expense $13,290, credit Allowance for Doubtful Accounts $13,290.
Debit Bad Debts Expense $66,730, credit Allowance for Doubtful Accounts $66,730.
Debit Bad Debts Expense $14,620, credit Allowance for Doubtful Accounts $14,620.
Debit Bad Debts Expense $65,400, credit Allowance for Doubtful Accounts $65,400.
Debit Bad Debts Expense $64,070, credit Allowance for Doubtful Accounts $64,070.
9.
Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,000 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit?
Debit Accounts Receivable $2,880, debit Credit Card Expense $120, credit Sales $3,000.
Debit Cash $2,880, debit Credit Card Expense $120, credit Sales $3,000.
Debit Cash $3,120, credit Credit Card Expense $120, credit Sales $3,000.
Debit Accounts Receivable $3,000, credit Sales $3,000.
Debit Cash $3,000, credit Sales $3,000.
10.
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts
Accounts receivable $ 360,000 debit
Allowance for uncollectible accounts 550 credit
Net sales 805,000 credit
All sales are made on credit. Based on past experience, the company estimates 0.5% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Debit Bad Debts Expense $3,475, credit Allowance for Doubtful Accounts $3,475.
Debit Bad Debts Expense $1,800, credit Allowance for Doubtful Accounts $1,800.
Debit Bad Debts Expense $2,350, credit Allowance for Doubtful Accounts $2,350.
Debit Bad Debts Expense $4,575, credit Allowance for Doubtful Accounts $4,575.
Debit Bad Debts Expense $4,025, credit Allowance for Doubtful Accounts $4,025."

 

Solution ID:436788 | This paper was updated on 26-Nov-2015

Price : $25
SiteLock