Question

e owner's equity, delb d. contra asset, credit 2. A bank reconciliation should be prepared periodically because a. the company's records and the bank's records are in agreement b. the bank has not recorded all of its transactions e. any differences between the company's records and the bank's records should be determined, and made by either party should be discovered and corrected d. the bank must make sure that its records are correct 3. Gunnar Company gathered the following reconciling information in preparing its September reconciliation. Calculate the adjusted cash balance per books on September 30 Cash balance per books, September 30 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $2,750 200 630 50 1,250 290 a. $5,130 b. $3,690 c. $3,040 d. $1,590 4. Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (befc an analysis of accounts in the customer ledger indicates that the estimated amount of uncollectible a $16,000, Based on the estimate above, which of the following adjusting entries should be made? a. debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 b. debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200 c. debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 d. debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 5. The amount of the promissory note plus the interest earned on the due date is called the a. interest value b. maturity value c. face value d. issuance value

Answer 1

2. A bank reconciliation should be prepared periodically because:

(c) any differences between the company's records and the bank's records should be determined, and... made by either party should be discovered and corrected.

5. The amount of the promissory note plus the interest earned on the due date is called the*

(b) maturity value.

7. A 60-day, 12% note for $7,000 dated April 15 is received from a customer on account.
The face value of the note is

(d) $7,000.

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