Question

• There is not enough information to answer this question. 23. The schedule of accounts payable is prepared from the general Journal receiving report general ledge accounts payable subsidiary ledger None of the above 24. Which of the following is an objective of Internal control of purchases? To create more organized invoices To create a disciplined work environment To make the sales process more complex None of the above 25. Discount Store, a retail business, keeps a $100 change fund in its cash register. If Discount started business on September 29 and had cash sales per the cash register on that day of $1,200, but the cash count showed $1,307, then the cash register was: over by $107. short by S7 over by $7. short by $107 26. A firm's bank reconciliation shows, in part, a book balance of $15,820, a deposit in transit of $300, an NSF check of $400, outstanding checks totaling $10,000, and a service charge of $20. Its adjusted book balance is $16.24 $15.00 $150 $16.200 27. If a check written by a firm is not canceled by the bank and returned with the month's bank statement, the firm should adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records Immediately notify the bank requesting that it correct is records consider this check as outstanding when preparing the bank reconciliation consider this check to be lost and issue a replacement check 28. Which of the following statements is not correct? nces The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding i • Federal law requires that social security Medicare, and federal income taxes be deducted from the gross pay of most employees • Medicare are levied in an equal amount on both employers and employees Once an employee's year-to-date was reach a certain amount prescribed by law, social security tax is no longer withheld 29. An employee whose regular hourly rate is $10 and whose overtime rate is 15 times the regular rate worked 44 hours in one week. In the payroll register, the employer should record an overtime premium of $220 $20 30. All details related to an employee's earnings, deductions, and net pay throughout the year would be found in 9. the general ledger the individual earnings record. • the general journal. the payroll rester 31. Both the employer and the employee are responsible for paying social security, Medicare, and FUTA taxes FUTA as

Answer 1

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23	Accounts payable subsidiary ledger
24	To create a disciplined work environment.
25	Balance in cash register	100.00	A
	Cash sales	1,200.00	B
	Cash should be in drawer	1,300.00	C=A+B
	Actual cash count	1,307.00	D
	Over by	7.00	E=D-C
	So cash register is over by $ 7.
26	Book Balance	15,820.00
	Deposit in Transit	-	Deposit in Transit means company deposited some checks but bank did not clear it. So it will not impact the book balance as checks will be cleared next day.
	NSF	(400.00)	NSF check is the check rejected by bank because of non sufficient funds. This should be adjusted in books.
	Outstanding checks		Outstanding checks means company wrote some checks but bank did not clear it. So it will not impact the book balance as checks will be cleared next day.
	Service charge	(20.00)	Bank deducted service charges. This should be adjusted in books.
	Adjusted Book Balance	15,400.00
27	Returned check is the check returned by bank due to many reasons that may be post dated, sign mismatch, etc.
	So Firm should adjust their checkbook to match with bank records.					Option A
28	Option A
29	Hours worked	44.00	F
	Hours allowed	40.00	G
	Overtime	4.00	H=F-G
	Regular hourly rate	10.00	I
	Overtime rate	1.50	J
	Overtime rate per hour	15.00	K=I*J
	Overtime premium	5.00	L=K-I
	Total Overtime premium	20.00	M=H*L	Option C
30	Option D
31	Option A