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ACC 100 Quiz Chapter 7 and 8

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ACC 100 Quiz Chapter 7 and 8 -

Multiple Choice Question 153

When making a payment from the petty cash fund for postage stamps, the following journal entry is made.

  • Supplies           XXXX           

Petty Cash                   XXXX

  • Postage Expense         XXXX           

Petty Cash                   XXXX

  • Miscellaneous Expense           XXXX           

Petty Cash                   XXXX

  • No entry is made

 

Multiple Choice Question 92

Replenishing the petty cash fund requires

  • a debit to Cash.
  • no accounting entry.
  • a credit to Petty Cash.
  • a debit to various expense accounts.

 

Multiple Choice Question 118

A Bank reconciliation should be prepared

  • when an employee is suspected of fraud.
  • by the person who is authorized to sign checks.
  • whenever the bank refuses to lend the company money.
  • to explain any difference between the depositor's balance per books and the balance per bank.

 

Multiple Choice Question 152

An application of good internal control over cash disbursements is

  • each check should be compared with the approved invoice after the check is issued.
  • check signers should record the cash disbursements.
  • following payment, the approved invoice should be stamped PAID.
  • blank checks should be stored in the treasurer's desk.

 

Multiple Choice Question 57

Related selling activities do not include

  • billing the customer.
  • ordering the merchandise.
  • shipping the goods.
  • making a sale.

 

Multiple Choice Question 136

At June 30, Yaddof Company has the following bank information: cash balance per bank $1,800; outstanding checks $340; deposits in transit $275; credit memo for interest $75; bank service charge $10. What is Mareska’s adjusted cash balance on June 30?

  • $1,800
  • $1,735
  • $1,810
  • $1,865

 

Solution

Multiple Choice Question 136

$1,800 – $340 + $275 =

 

Multiple Choice Question 134

In the month of November, Kinsey Company Inc. wrote checks in the amount of $27,750. In December, checks in the amount of $37,974 were written. In November, $25,404 of these checks were presented to the bank for payment, and $32,649 were presented in December. What is the amount of outstanding checks at the end of December?

  • $10,224
  • $2,346
  • $7,245
  • $7,671

 

Solution

Multiple Choice Question 134

$27,750 + $37,974 – ($25,404 + $32,649) =

 

Multiple Choice Question 115

In preparing its August 31, 2014 bank reconciliation, Annie Corp. has available the following information:

Balance per bank statement, 8/31/14                                   $64,950

Deposit in transit, 8/31/14                                                     11,700

Return of customer’s check not sufficient funds, 8/30/14   1,800

Outstanding checks, 8/31/14                                                    8,250

Bank service charges for August                                            300

At August 31, 2014, Annie’s adjusted cash balance is

  • $68,400.
  • $56,400.
  • $61,500.
  • $56,700.

 

Solution

Multiple Choice Question 115

$64,950 + $11,700 – $8,250 =

 

Multiple Choice Question 114

In preparing its bank reconciliation for the month of April 2014, Haskins, Inc. has available the following information.

Balance per bank statement, 4/30/14                                   $40,920

NSF check returned with 4/30/14 bank statement             1,350

Deposits in transit, 4/30/14                                                    10,500

Outstanding checks, 4/30/14                                                 15,600

Bank service charges for April                                            60

What should be the adjusted cash balance at April 30, 2014?

  • $34,470.
  • $35,820.
  • $34,410.
  • $35,760.

 

Solution

Multiple Choice Question 114

$40,920 + $10,500 – $15,600 =

 

Multiple Choice Question 111

The cash account shows a balance of $90,000 before reconciliation. The bank statement does not include a deposit of $5,000 made on the last day of the month. The bank statement shows a collection by the bank of $2,400 and a customer’s check for $640 was returned because it was NSF. A customer’s check for $900 was recorded on the books as $1,080, and a check written for $138 was recorded as $192. The correct balance in the cash account was

  • $91,580.
  • $91,634.
  • $92,400.
  • $96,634.

 

Solution

Multiple Choice Question 111

$90,000 + $2,400 – $640 – ($1,080 – $900) + ($192 – $138) = 

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