Question

Accounting (ans fast plz)

Wer letter in the space provided below, Use capital letters A, B, C or D Question1 2 3 Answer (1) If a petty cash fund is established in the amount of $200, and contains cash and $85 in receipts for disbursements when it is replenished, the journal entr to record reimbursement should include the following accounts A. Petty Cash $85 credit. B. Petty Cash, $80 credit C. Cash $80 credit and Cash Over and Short $5 debit D. Cash $80 credit and Cash Over and Short $5 credit. s 120 i (2) The journal entries to record the recovery of previously written off account receivable of $300 will include: A. Allowance for Doubtful Accounts $300 credit. B. Allowance for Doubtful Accounts $300 debit C.Cash account $300 credit. D. Accounts Receivable $300 credit. (3) A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the: A. Direct write-off method B. Aging of accounts receivable method C. Percentage of sales method D. Percent of accounts receivable method (4) The inventory valuation method that yields the highest reported net income is A. Specific identification method B. FIFO method C. LIFO method D. Weighted-average method. (5) A subsidiary ledger that contains a separate account for each customer of tt company is a(n): A. Controlling account B. Accounts receivable ledger C. Accounts payable ledger D. General ledger.

Answer 1

1)D. Cash, $80 Credit and Cash Over and Short, $5 Credit

2)D.Accounts Receivable $300 Credit

3)B.Aging of accounts receivable method

4)B. FIFO Method

5)B.Accounts Receivable Ledger