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Assume that the custodian of a $780 petty cash fund has $172.50 in coins and currency...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency...
Assume that the custodian of a $810 petty cash fund has $182.50 in coins and currency plus $598.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A credit to Cash Over and Short for $628. A debit to Petty Cash for $598.50. A debit to Cash Over and Short for $29.00. A credit to Cash for $598.50. A debit to Cash for $570.
Assume that the custodian of a $450 petty cash fund has $58.30 in coins and currency...
Assume that the custodian of a $450 petty cash fund has $58.30 in coins and currency plus $386.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
Assume that the custodian of a $450 petty cash fund has $60.70 in coins and currency...
Assume that the custodian of a $450 petty cash fund has $60.70 in coins and currency plus $384.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
Assume that the custodian of a $480 petty cash fund has $72.50 in coins and currency...
Assume that the custodian of a $480 petty cash fund has $72.50 in coins and currency plus $400.50 in receipts at the end of the month the entry to replenish the petty cash will include
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 Deposits in transit at month-end Outstanding checks at month-end Bank service charges EFT automatically deducted monthly, not yet recorded by Maxi An NSF check returned on a customer account $6,325 $2,120 $ 680 $ 41 $ 700 $ 425 The adjusted cash balance per the books on January 31 is: Multiple Choice 0 $7.279 0...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 $ 5,325 Deposits in transit at month-end $ 1,920 Outstanding checks at month-end $ 580 Bank service charges $ 31 EFT automatically deducted monthly, not yet recorded by Maxi $ 500 An NSF check returned on a customer account $ 325 The adjusted cash balance per the books on January 31 is:
1. Havermill Co. establishes a $490 petty cash fund on September 1. On September 30, the...
1. Havermill Co. establishes a $490 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $97 for Office Supplies, $185 for merchandise inventory, and $46 for miscellaneous expenses. The fund has a balance of $162. On October 1, the accountant determines that the fund should be increased by $98. The journal entry to record the establishment of the fund on September 1 is: 2. A company wants to decrease...
A company uses the percent of sales method to determine its bad debts expense. At the...
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $362,000 debit 570 debit 807,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry...
2 A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to...
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
2 At the end of the day, the cash register tape shows $1,180 in cash sales...
2
At the end of the day, the cash register tape shows $1,180 in cash sales but the count of cash in the register is $1,235. The proper entry to account for this excess is: Multiple Choice ( Debit Cosh $1180; credit Sales $1,180. O Debit Cash $1,235; credit Sales $1.235. ( Debit Cash $1,235, credit Sales $1180; credit Cash Over and Short $55. Debit Cash $1,180; debit Cash Over and Short for $55; credit Sales $1.235. Debit Cash Over...
Assume that the custodian of a $450 petty cash fund has $60.70 in coins and currency plus $384.00 in receipts at the end of the month. The entry to replenish the petty cash fund will include:
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 Deposits in transit at month-end Outstanding checks at month-end Bank service charges EFT automatically deducted monthly, not yet recorded by Maxi An NSF check returned on a customer account $6,325 $2,120 $ 680 $ 41 $ 700 $ 425 The adjusted cash balance per the books on January 31 is: Multiple Choice 0 $7.279 0...
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $362,000 debit 570 debit 807,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry...
2
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is: Multiple Choice Debit Petty Cash for $75.00; debit Cash Over and Short $180.00; credit Cash $200.00 Debit Cash Over and Short for $8.75; credit Petty Cash $8.75 Debit Miscellaneous Expenses $20.00; credit Cash $20.00. Debit to Cash $125.00; credit Petty Cash $125.00. Debit Petty Cash $105.00; credit Cash $105.00. If a check correctly written and paid by the bank for...
2
At the end of the day, the cash register tape shows $1,180 in cash sales but the count of cash in the register is $1,235. The proper entry to account for this excess is: Multiple Choice ( Debit Cosh $1180; credit Sales $1,180. O Debit Cash $1,235; credit Sales $1.235. ( Debit Cash $1,235, credit Sales $1180; credit Cash Over and Short $55. Debit Cash $1,180; debit Cash Over and Short for $55; credit Sales $1.235. Debit Cash Over...
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