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QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...
QUESTION 4 A capital expenditure results in a debit to: an expense account a contra-asset account...
QUESTION 4 A capital expenditure results in a debit to: an expense account a contra-asset account a liability account an asset account 1 points QUESTION 5 The journal entry to record the amortisation of an intangible asset would require a debit to an expense account and a credit to: An asset account. A liability account. A contra-asset account. A revenue account.
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit...
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit balance of $22,000. The year-end Accounts Receivable balance (gross) is $425,000. Jackson Co. estimates that they should have 3.5% of total year sales in their Allowance for Doubtful Accounts at year-end. Note: Total year sales were $1.3 million. a. Prepare the necessary entry to adjust the Allowance for Doubtful Accounts to the correct balance. b. What is the correct balance for Jackson Co. year-end...
2 points QUESTION 14 Petty Cash is a large amount of cash kept on hand...
2 points QUESTION 14 Petty Cash is a large amount of cash kept on hand for in-house expenditures. True False 2 points QUESTION 15 In replenishing the Petty Cash account Petty Cash is debited. True False 2 points QUESTION 16 The Purchase Journal is used to handle all purchases of merchandise. True False 2 points QUESTION 17 The General Ledger and the Subsidiary Ledgers is co-equal. True False 2 points QUESTION 18 The Cash Receipts...
Part V. True/False (5 points) For each question below, please mark if the statement is "True"...
Part V. True/False (5 points) For each question below, please mark if the statement is "True" or "False". T F 1. A purchase of Supplies with Cash was incorectly recorded as a debit to Prepaid Insurance and Credit to Accounts Payable. A trial balance would not uncover this error. T F 2. Adjusting entries sometimes affect the cash account. T F 3. GAAP is set by the FICPA, SEC, and PCAOB. T F 4. A shark would be considered Property,...
Question 1 August 1, 2019, Magic Cleaning Incorporated established a petty fund of $200. By the...
Question 1 August 1, 2019, Magic Cleaning Incorporated established a petty fund of $200. By the end of August there was $7 cash on hand and the fund contained the following petty cash tickets: • Delivery, $64.00 • Freight, $45.00 Supplies, $15.00 • Postage, $6.00 • Catering, $55.00 . Required Prepare the journal entries in the template below to record the establishment and replenishment of the petty cash fund. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Question 2 The...
1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends...
1. Is Accounts Receivable an example of a Asset, Liability, Debit or Credit? 2. Are Dividends an example of a Asset Account, Liability Account, Equity Account, or Debit Account? 3. Are Notes Payable an example of a Equity Account, Debit Account, Asset Account or Liability Account? 4. True or False: An increase in the Cash balance for a business is entered as a debit to the account. 5. True or False: An increase to the Revenue account of a business...
Question 5 (1 point) Receiving a $350 payment on an account with a current balance of...
Question 5 (1 point) Receiving a $350 payment on an account with a current balance of $800 would include a: debit to accounts receivable and a credit to cash for $350 debit to cash and a credit to accounts receivable for $350 debit to cash and a credit to accounts receivable for $800 debit to cash and a credit to accounts payable for $350 Question 6 (1 point) Debit: Equipment 6,700 Credit: Cash 2,000 Credit: Note Payable 4,700 What is...
TRUE OF FALSE A signature card shows the signature of only the person who authorizes others...
TRUE OF FALSE A signature card shows the signature of only the person who authorizes others in the company to sign checks. The payor is the party to whom payment is made. Bank customers are considered creditors of the bank so the bank can shows their accounts with credit balances on the bank’s records. Depositing all cash, checks, etc. in a bank and paying with checks is an internal control procedure over checks. In preparing bank reconciliation, the amount of...
Question 4 1 pts Which of the following is a violation of internal control? O Anemployee switches from being respons...
Question 4 1 pts Which of the following is a violation of internal control? O Anemployee switches from being responsible for accounts payable to being responsible for accounts receivable O All checks are prenumbered. O Only one employee is responsible for authorizing payment of a bill and writing the check paying the bill. O Only one employee is responsible for custodianship of the petty cash fund Question 5 1 pts The entry to account for daily cash sales for which...
Question 14 (2 points) Overstating ending inventory will misstate the financial statements. True False Question 15...
Question 14 (2 points) Overstating ending inventory will misstate the financial statements. True False Question 15 (2 points) The sales discount account is a contra account to Accounts Receivable. True False Question 16 (2 points) When merchandise is sold under the perpetual inventory system, sales must be recorded and the cost of merchandise sold must be recorded. True False Question 17 (2 points) Employer's expect that a good college will teach students to learn on their own, think on their...
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit balance of $22,000. The year-end Accounts Receivable balance (gross) is $425,000. Jackson Co. estimates that they should have 3.5% of total year sales in their Allowance for Doubtful Accounts at year-end. Note: Total year sales were $1.3 million. a. Prepare the necessary entry to adjust the Allowance for Doubtful Accounts to the correct balance. b. What is the correct balance for Jackson Co. year-end...
Part V. True/False (5 points) For each question below, please mark if the statement is "True" or "False". T F 1. A purchase of Supplies with Cash was incorectly recorded as a debit to Prepaid Insurance and Credit to Accounts Payable. A trial balance would not uncover this error. T F 2. Adjusting entries sometimes affect the cash account. T F 3. GAAP is set by the FICPA, SEC, and PCAOB. T F 4. A shark would be considered Property,...
Question 1 August 1, 2019, Magic Cleaning Incorporated established a petty fund of $200. By the end of August there was $7 cash on hand and the fund contained the following petty cash tickets: • Delivery, $64.00 • Freight, $45.00 Supplies, $15.00 • Postage, $6.00 • Catering, $55.00 . Required Prepare the journal entries in the template below to record the establishment and replenishment of the petty cash fund. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Question 2 The...
Question 5 (1 point) Receiving a $350 payment on an account with a current balance of $800 would include a: debit to accounts receivable and a credit to cash for $350 debit to cash and a credit to accounts receivable for $350 debit to cash and a credit to accounts receivable for $800 debit to cash and a credit to accounts payable for $350 Question 6 (1 point) Debit: Equipment 6,700 Credit: Cash 2,000 Credit: Note Payable 4,700 What is...
Question 4 1 pts Which of the following is a violation of internal control? O Anemployee switches from being responsible for accounts payable to being responsible for accounts receivable O All checks are prenumbered. O Only one employee is responsible for authorizing payment of a bill and writing the check paying the bill. O Only one employee is responsible for custodianship of the petty cash fund Question 5 1 pts The entry to account for daily cash sales for which...
Question 14 (2 points) Overstating ending inventory will misstate the financial statements. True False Question 15 (2 points) The sales discount account is a contra account to Accounts Receivable. True False Question 16 (2 points) When merchandise is sold under the perpetual inventory system, sales must be recorded and the cost of merchandise sold must be recorded. True False Question 17 (2 points) Employer's expect that a good college will teach students to learn on their own, think on their...
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