In a? lock-box system? ________. A. there is a delay in getting the cash into the?...
In a? lock-box system? ________.
A.
there is a delay in getting the cash into the? company's bank account
B.
a bank employee empties the box daily and records the deposits into the? company's bank account
C.
a bank employee records the journal entry
D.
customers send their checks directly to a post office box that belongs to the company
Homework Answers
| Under lock-box system, customers send their checks directly to a post office box that belongs to the bank. |
| The bank employee empties the box daily, processes and records the deposits directly into the company's bank account |
| The funds are processed quickly into the company's bank account. |
| Option B is correct |
Add Answer to:
In a? lock-box system? ________.
A.
there is a delay in getting the cash into the?...
7. Box Lock has annual sales of $4 million and is considering implementing a lockbox system,...
7. Box Lock has annual sales of $4 million and is considering implementing a lockbox system, which would reduce customer collection float by four days. Box Lock has a cost of capital of 13 percent. The annual after-tax cost of the lockbox system is $2000. Assume a 365-day year, should Box Lock implement the system? What would be the benefit, in dollar amount, if it did? 8. Geo-M is considering adding a cash discount to its credit terms. If Geo-M...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: Balance, October 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account (includes $440 in interest) $ 32,730 88,000 (77,200) (390) (1,640) (3,840) Balance, October 31, 2016 $ 37,660 The company's general...
The September 30 bank statement for Bennett Company and the September ledger accounts for cash are...
The September 30 bank statement for Bennett Company and the September ledger accounts for cash are summarized here: Deposits $26,700 BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Checks cleared during September $27,000 NSF checks-Betty Brown Bank service charges 53 Balance, September 30 Balance $ 6,650 33, 350 6,350 6,240 6,187 6,187 110 Sept. 1 Balance Sept. Deposits Cash (A) 6,650 Sept. Checks written 29,050 29,650 No outstanding checks and no deposits in transit were carried over from...
Required Information (The following information applies to the questions displayed below.] The cash records and bank...
Required Information (The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2018, to July 31, 2018 Cash Balance Cash Balance July 1, 2018 - Deposits Checks = July 31, 2018 $6.990 $8.330 $8,740 $6,580 Deposits Checks Date Desc. Amount Date No. Desc. Amount 7/9 7/21 7/31 Sales Sales Sales $2.530 3.110 2.690 717 531 7/12 532...
Identify each of the following reconciling items as: An addition to the cash balance according to...
Identify each of the following reconciling items as: An addition to the cash balance according to the bank statement. A deduction from the cash balance according to the bank statement. An addition to the cash balance according to the company's records. A deduction from the cash balance according to the company's records. Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company. Write "entry" by items that will require a journal...
Madison Company's cash ledger reports the following for the month ending March 31 Deposits: Anunt $...
Madison Company's cash ledger reports the following for the month ending March 31 Deposits: Anunt $ 1,700 2,000 Date 3/4 3/11 3/11 3/25 3/26-3/31 No Checkst 561 502 543 544 545 Date 3/2 3/8 3/12 3/19 3/27 3/28 3/30 3,400 2,500 $ 13,400 Amount $ 5,480 900 2.700 1.680 300 600 1.50 $13,000 Cash receipts SE Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 13,400 (13,000) 56,300 Information from March's bank statement and company records reveals...
Part 2: Record the necessary cash adjustments Oscar's Red Carpet Store maintains a checking account with...
Part 2: Record the necessary cash adjustments
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $...
QUESTION-4 The following information is available to reconc statement cash balance as of June 30. on...
QUESTION-4 The following information is available to reconc statement cash balance as of June 30. on is available to reconcile Cley Company's book balance of cash with The June 30 cash holar June 30 cash balance according to the accounting records is $58,4 balance for that date is $68,047. unting records is $58,542, and the bank statement cash a. The bank erroneously cleared a $395 ch ironeously cleared a $395 check against the account in June that was not issued...
7. Box Lock has annual sales of $4 million and is considering implementing a lockbox system, which would reduce customer collection float by four days. Box Lock has a cost of capital of 13 percent. The annual after-tax cost of the lockbox system is $2000. Assume a 365-day year, should Box Lock implement the system? What would be the benefit, in dollar amount, if it did? 8. Geo-M is considering adding a cash discount to its credit terms. If Geo-M...
UA COmpany must roenny ns risRS 11. Rearranging plain-text messages by a mathematical process is known as A) password B) phishing С) encryption D) virus 12. Two or more people working together to circumvent internal controls and defraud a company is known as A) encrуption B) firewall ) collusion D) separation of duties 13. Which of the following is the last step in the daily control over cash receipts by mail? A) A mailroom employee sends all customer checks to...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: Balance, October 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account (includes $440 in interest) $ 32,730 88,000 (77,200) (390) (1,640) (3,840) Balance, October 31, 2016 $ 37,660 The company's general...
The September 30 bank statement for Bennett Company and the September ledger accounts for cash are summarized here: Deposits $26,700 BANK STATEMENT Checks Balance, September 1 Deposits recorded during September Checks cleared during September $27,000 NSF checks-Betty Brown Bank service charges 53 Balance, September 30 Balance $ 6,650 33, 350 6,350 6,240 6,187 6,187 110 Sept. 1 Balance Sept. Deposits Cash (A) 6,650 Sept. Checks written 29,050 29,650 No outstanding checks and no deposits in transit were carried over from...
Required Information (The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2018, to July 31, 2018 Cash Balance Cash Balance July 1, 2018 - Deposits Checks = July 31, 2018 $6.990 $8.330 $8,740 $6,580 Deposits Checks Date Desc. Amount Date No. Desc. Amount 7/9 7/21 7/31 Sales Sales Sales $2.530 3.110 2.690 717 531 7/12 532...
Madison Company's cash ledger reports the following for the month ending March 31 Deposits: Anunt $ 1,700 2,000 Date 3/4 3/11 3/11 3/25 3/26-3/31 No Checkst 561 502 543 544 545 Date 3/2 3/8 3/12 3/19 3/27 3/28 3/30 3,400 2,500 $ 13,400 Amount $ 5,480 900 2.700 1.680 300 600 1.50 $13,000 Cash receipts SE Balance on March 1 Receipts Disbursements Balance on March 31 $ 5,900 13,400 (13,000) 56,300 Information from March's bank statement and company records reveals...
Part 2: Record the necessary cash adjustments
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Deposits: Date 2/4 2/11 2/18 2/25 2/26-2/28 Amount $ 2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 No. 321 322 323 324 325 Date 2/2 2/8 2/12 2/19 2/27 2/28 2/28 Amount $...
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