Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: \[\begin{array} { | l | l | } \hline \text { Cash balance per bank, } 10 / 31 & \\ \hline \text { Note receivable collected by bank } & \\ \hline \text { Outstanding checks } & \\ \hline \text { Deposits-in-transit } & \\ \hline \text { Bank service charge } & \\ \hline \text { NSF check } & \\ \hline \end{array}\] Using the above information, determine the cash balance per books before adjustments) for the Thompson Corporation.

A) $11,050 B) $19,450 C) $15,950 D) $11,150 A) $11,050 B) $19,450 C) $15,950 D) $11,150

A) is a credit reference letter written by the company's bank B) shows a company the financial position of the bank as of a certain date C) is a bill from the bank for services rendered D) shows the activity that increased or decreased the company's account balance A) is a credit reference letter written by the company's bank B) shows a company the financial position of the bank as of a certain date C) is a bill from the bank for services rendered D) shows the activity that increased or decreased the company's account balance

The following data were gathered to use in reconciling the bank account of Savannah Company: \[\begin{array} { | l | l | } \hline \text { Balance per bank } & \\ \hline \text { Balance per company records } & \\ \hline \text { Bank service charges } & \\ \hline \text { Deposit in transit } & \\ \hline \text { NSF check } & \\ \hline \text { Outstanding checks } & \\ \hline \end{array}\] What is the adjusted balance on the bank reconciliation?

A) $14,470 B) $10,705 C) $15,095 D) $15,720 A) $14,470 B) $10,705 C) $15,095 D) $15,720

Exam 7: Sarbanes-Oxley, Internal Control, and Cash

Thompson Corporation gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 Note receivable collected by bank Outstanding checks Deposits-in-transit Bank service charge NSF check Using the above information, determine the cash balance per books before adjustments) for the Thompson Corporation.

(Multiple Choice)

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(81)

Question 21

A bank statement

(Multiple Choice)

4.8/5

(75)

Question 22

The bank often informs the company of bank service charges by including a credit memo with the monthly bank statement.

(True/False)

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(80)

Question 23

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -charges for some other company's safe deposit box were posted to your account

(Multiple Choice)

4.8/5

(78)

Question 24

The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a) Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b) Deposits in transit not recorded by bank, $778. c) Bank debit memo for service charges, $40. d) Bank credit memo for note collected by bank, $23,985 plus $885 interest. e) Bank debit memo for $756 NSF not sufficient funds) check from Calin Sams, a customer. f) Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co.

(Essay)

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Question 25

Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?

(Multiple Choice)

4.8/5

(63)

Question 26

Match each item to a bank statement adjustment, a company books adjustment, or either. -Error in recording a check

(Multiple Choice)

5.0/5

(76)

Question 27

The following data were gathered to use in reconciling the bank account of Savannah Company: Balance per bank Balance per company records Bank service charges Deposit in transit NSF check Outstanding checks What is the adjusted balance on the bank reconciliation?

(Multiple Choice)

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Question 28

Describe the features of a voucher system and list typical supporting documents for a voucher.

(Essay)

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Question 29

The Garden Gate, Inc. reported the following data in its August 31 annual report. Cash and cash equivalents $ 485 625 Cash flow from operations 630,000)a) What is the company's "cash burn" per month? b) What is the company's ratio of cash to monthly cash expenses? c) Interpret the ratio you computed in part 2. What are the implications for The Garden Gate, Inc.?

(Essay)

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Question 30

A bank reconciliation should be prepared

(Multiple Choice)

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Question 31

Farm Store, Inc. reported the following data in its December 31 annual report. Cash and cash equivalents $1,050,000 Negative cash flows from operations 420,000)a) What is the company's "cash burn" per month? b) What is the company's ratio of cash to monthly cash expenses? c) Interpret the ratio you computed in part 2. What are the implications for Farm Store, Inc.?

(Essay)

4.8/5

(85)

Question 32

Present entries to record the following transactions: a) Established a petty cash fund of $235.00. b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60. c) Increased the petty cash fund to $300.00.

(Essay)

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Question 33

The petty cash fund eliminates the need for a bank checking account.

(True/False)

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Question 34

Match each item to a bank statement adjustment, a company books adjustment, or either. -Interest revenue

(Multiple Choice)

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Question 35

Groceries R Us, Inc. reported the following data in its annual report. Cash and cash equivalents $2,280,000 Cash flow from operations 240,000)a) What is the company's "cash burn" per month? b) What is the company's ratio of cash to monthly cash expenses? c) Interpret the ratio you computed in part 2. What are the implications for Groceries R Us, Inc.?

(Essay)

4.8/5

(66)

Question 36

Stephanie Jo Company established a petty cash fund of $300 on May 1. At the end of the month, the petty cash fund has $42 in cash and receipts for postage, $39; entertainment, $146; and office supplies of $70. Prepare the needed journal entries, recording any discrepancy in the cash short and over account.

(Essay)

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(89)

Question 37

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -deposit in transit

(Multiple Choice)

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(79)

Question 38

The amount of the outstanding checks is included on the bank reconciliation as an)

(Multiple Choice)

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Question 39

Match each item to a bank statement adjustment, a company books adjustment, or either. -NSF check

(Multiple Choice)

4.8/5

(83)

Question 40

Showing 21 - 40 of 187

A bank statement

The bank often informs the company of bank service charges by including a credit memo with the monthly bank statement.

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -charges for some other company's safe deposit box were posted to your account

Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?

Match each item to a bank statement adjustment, a company books adjustment, or either. -Error in recording a check

The following data were gathered to use in reconciling the bank account of Savannah Company: Balance per bank Balance per company records Bank service charges Deposit in transit NSF check Outstanding checks What is the adjusted balance on the bank reconciliation?

Describe the features of a voucher system and list typical supporting documents for a voucher.

A bank reconciliation should be prepared

The petty cash fund eliminates the need for a bank checking account.

Match each item to a bank statement adjustment, a company books adjustment, or either. -Interest revenue

Assign the letter to indicate whether the following items would be added or subtracted from the company's books or the bank statement during the construction of a bank reconciliation. -deposit in transit

The amount of the outstanding checks is included on the bank reconciliation as an)

Match each item to a bank statement adjustment, a company books adjustment, or either. -NSF check

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

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