ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE:
15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25.
16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month.
17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement.
18-A company borrowed $10,000 by signing a six month promissory note at 5% interest. The total amount of interest is $25.
19-After adjustment, the balance in the Allowance for Doubtful Accounts has the effect of reducing Accounts Receivable to its estimated realizable value.
20- The matching principle requires use of the direct write-off method of accounting for bad debts.
21-if land is purchased as a building site, the cost of removing existing structures is charged to the Land account .
22-Plant Assets are used in everyday operations of the business and have useful lives that extend over more than one accounting period
23-the process of allocating the cost of a plant asset to expense in the accounting periods benefiting from its use.
24- Total depreciation expense over an asset's useful life will be identical under depreciation .
25- Total depreciation expense over an asset's useful life will be identical under depreciation .
26-Depreciation is higher and income is lower in the short run when using accelerated vet line methods.
Homework Answers
15 - False, It would require a debit to Petty Cash of $25.
16 - True, because the customer has not been deposited therefore outstanding.
17 - True, bank reconciliation is done to reconcile the difference between those two accounts
18 - False, $250 would be the total amount of interest ($10,000*5%*6/12)
19 - True, The allowance will be deducted from the debtors and therefore will show debtors at net realizable value
20 - False, matching principle does not require direct method of write-off.
21 - True, Because basically the cost of removing the build is like cost of getting land acquired.
22 - True, Plant assets normally run for more than one accounting period
23 - True,
24 - True, because the depreciable value of asset will be divided over life of asset and therefore same depreciation will be charged every year
25 - True, because the depreciable value of asset will be divided over life of asset and therefore same depreciation will be charged every year
26 - True, Depreciation charged is accelerated, hence more depreciation is charged
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ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
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