Question 1

To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be

Accepted Answer

A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance. 
A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance.

Question 2

The cash payments journal for Excel Company is shown below. Describe how the amounts would be posted to the general ledger accounts.

Accepted Answer

Dr. Accounts Payable $1,200; D

Question 3

Match the accounting terms with the description by entering the proper letter in the space provided.

Accepted Answer

(1) D, (2) C, (3) G, (4) Z, (5

Question 4

To arrive at an accurate balance on a bank reconciliation statement, a debit memorandum for a customer check marked NSF should be

Accepted Answer

A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance. 
A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance.

Question 5

Read each of the following transactions. Determine the accounts to be debited and credited.
A) Sold merchandise for $200 in cash plus sales tax of $14.
B) Collected $3,400 from credit customers on account.
C) Sold merchandise for $1,600 in cash plus sales tax of $112. There was a cash shortage of $6.

Accepted Answer

A) Debit Cash; credit Sales an

Question 6

If the amount of cash available for deposit is ____________________ than the amount listed on the audit tape taken from the cash register, the Cash Short or Over account is debited.

Accepted Answer

The answer of If the amount of cash available for...

Question 7

The Petty Cash Fund account has a(n) ____________________ balance.

Accepted Answer

The answer of The Petty Cash Fund account has a(n)...

Question 8

A deposit in transit.

Accepted Answer

A) Option A. 
B)  Option B. 
C)  Option C. 
D)  Option D. 
A) Option A. 
B)  Option B. 
C)  Option C. 
D)  Option D.

Question 9

Read each of the following transactions. Determine the accounts to be debited and credited.
A) Collected cash in settlement of a $600 promissory note plus interest of $18.
B) Jaime Gomez, the owner, made an additional cash investment of $11,000.
C) Sold merchandise for $3,000 in cash plus sales tax of $210. There was a cash overage of $4.

Accepted Answer

A) Debit Cash; credit Notes Re

Question 10

On March 31, 2013, Home Decorating Pavilion received a bank statement with an ending balance of $9,750. The balance in the firm's checkbook and Cash account on the same date was $10,290. The difference between the two balances is caused by the items listed below.   Instructions:
1. Prepare a bank reconciliation statement for the firm as of March 31, 2013.
2. Record entries for any items on the bank reconciliation statement that must be journalized. Date the entries March 31, 2013. Use page 4 of a general journal.

Accepted Answer

The answer of On March 31, 2013, Home Decorating Pavilion...

Question 11

On a bank reconciliation statement, you would find all of the following except

Accepted Answer

A)  a list of canceled checks. 
B)  a list of NSF checks. 
C)  a list of outstanding checks. 
D)  the bank service charge. 
A)  a list of canceled checks. 
B)  a list of NSF checks. 
C)  a list of outstanding checks. 
D)  the bank service charge.

Question 12

A check issued for $1,980 to pay a vendor on account was recorded in the firm's records as $1,890; the canceled check was properly listed on the bank statement at $1,980. To arrive at an accurate balance on a bank reconciliation statement, the error should be

Accepted Answer

A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance. 
A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance.

Question 13

Merchandise is sold for $8,820, terms 1/10, n/30. Prior to payment, the customer returned $560 of the merchandise. If the invoice is paid within the discount period the amount of the sales discount is:

Accepted Answer

A)  $82.60 
B)  $165.20 
C)  $88.20 
D)  $93.80 
A)  $82.60 
B)  $165.20 
C)  $88.20 
D)  $93.80

Question 14

Of the four categories shown in the form above, which category or categories require journal entries in the firm's records?

Accepted Answer

A)  Bank Statement Balance Additions and Bank Statement Balance Deductions 
B)  Bank Statement Balance Additions and Ledger Balance of Cash Additions 
C)  Bank Statement Balance Deductions and Ledger Balance of Cash Deductions 
D)  Ledger Balance of Cash Additions and Ledger Balance of Cash Deductions 
A)  Bank Statement Balance Additions and Bank Statement Balance Deductions 
B)  Bank Statement Balance Additions and Ledger Balance of Cash Additions 
C)  Bank Statement Balance Deductions and Ledger Balance of Cash Deductions 
D)  Ledger Balance of Cash Additions and Ledger Balance of Cash Deductions

Question 15

A(n) ____________________ is a written promise to pay a specified amount of money at a specified time.

Accepted Answer

The answer of A(n) ____________________ is a written promise to...

Question 16

Read each of the following transactions. Determine the accounts to be debited and credited.
A) Issued a check for $10,600 to pay a $10,000 note plus interest of $600.
B) Issued a check for $1,500 to pay the monthly rent.
C) Issued a check for $7,840 to a creditor on account for an invoice of $8,000 less a cash discount of $160.

Accepted Answer

A) Debit Notes Payable and Int

Question 17

Read each of the following transactions. Determine the accounts to be debited and credited.
A) Purchased merchandise for $950 in cash.
B) Issued a check for $752 to remit sales tax to the state sales tax authority.
C) Issued a check for $1,894 to purchase supplies.

Accepted Answer

A) Debit Purchases; credit Cas

Question 18

Purchases Discounts is a contra cost of goods sold account.

Accepted Answer

A) True 
 B)False

Question 19

If cash is over, it is entered in the Other Account Credit column of the cash receipts journal and the figure is circled.

Accepted Answer

A) True 
 B)False

Question 20

To arrive at an accurate balance on a bank reconciliation statement, an error made by the bank in which the bank deducted a check issued by another business from the balance of the company's bank account should be

Accepted Answer

A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance. 
A)  added to the bank statement balance. 
B)  added to the book balance. 
C)  deducted from the bank statement balance. 
D)  deducted from the book balance.

To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be

The cash payments journal for Excel Company is shown below. Describe how the amounts would be posted to the general ledger accounts.

Match the accounting terms with the description by entering the proper letter in the space provided.

To arrive at an accurate balance on a bank reconciliation statement, a debit memorandum for a customer check marked NSF should be

If the amount of cash available for deposit is ____________________ than the amount listed on the audit tape taken from the cash register, the Cash Short or Over account is debited.

The Petty Cash Fund account has a(n) ____________________ balance.

A deposit in transit.

On a bank reconciliation statement, you would find all of the following except

A check issued for $1,980 to pay a vendor on account was recorded in the firm's records as $1,890; the canceled check was properly listed on the bank statement at $1,980. To arrive at an accurate balance on a bank reconciliation statement, the error should be

Merchandise is sold for $8,820, terms 1/10, n/30. Prior to payment, the customer returned $560 of the merchandise. If the invoice is paid within the discount period the amount of the sales discount is:

Of the four categories shown in the form above, which category or categories require journal entries in the firm's records?

A(n) ____________________ is a written promise to pay a specified amount of money at a specified time.

Read each of the following transactions. Determine the accounts to be debited and credited. A) Purchased merchandise for $950 in cash. B) Issued a check for $752 to remit sales tax to the state sales tax authority. C) Issued a check for $1,894 to purchase supplies.

Purchases Discounts is a contra cost of goods sold account.

If cash is over, it is entered in the Other Account Credit column of the cash receipts journal and the figure is circled.

To arrive at an accurate balance on a bank reconciliation statement, an error made by the bank in which the bank deducted a check issued by another business from the balance of the company's bank account should be

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

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Exam 9: Cash Receipts, Cash Payments, and Banking Procedures

To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be

The cash payments journal for Excel Company is shown below. Describe how the amounts would be posted to the general ledger accounts.

Match the accounting terms with the description by entering the proper letter in the space provided.

To arrive at an accurate balance on a bank reconciliation statement, a debit memorandum for a customer check marked NSF should be

If the amount of cash available for deposit is ____________________ than the amount listed on the audit tape taken from the cash register, the Cash Short or Over account is debited.

The Petty Cash Fund account has a(n) ____________________ balance.

A deposit in transit.

On a bank reconciliation statement, you would find all of the following except

A check issued for $1,980 to pay a vendor on account was recorded in the firm's records as $1,890; the canceled check was properly listed on the bank statement at $1,980. To arrive at an accurate balance on a bank reconciliation statement, the error should be

Merchandise is sold for $8,820, terms 1/10, n/30. Prior to payment, the customer returned $560 of the merchandise. If the invoice is paid within the discount period the amount of the sales discount is:

Of the four categories shown in the form above, which category or categories require journal entries in the firm's records?

A(n) ____________________ is a written promise to pay a specified amount of money at a specified time.

Read each of the following transactions. Determine the accounts to be debited and credited. A) Purchased merchandise for $950 in cash. B) Issued a check for $752 to remit sales tax to the state sales tax authority. C) Issued a check for $1,894 to purchase supplies.

Purchases Discounts is a contra cost of goods sold account.

If cash is over, it is entered in the Other Account Credit column of the cash receipts journal and the figure is circled.

To arrive at an accurate balance on a bank reconciliation statement, an error made by the bank in which the bank deducted a check issued by another business from the balance of the company's bank account should be

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters