Quiz
Accounting I - Objective 4.01/4.02 Test
Fragen in diesem Quiz (14)
1Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?
- A$4,350.00
- B$4,500.00
- C$4,525.00
- D$4,550.00
2On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company
in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga
Enterprises to record the dishonored check?- ADebit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash $225.00
- BDebit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash $200.00
- CDebit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
- DDebit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00
3Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?
- A$2,325.00
- B$2,345.00
- C$2,360.00
- D$2,580.00
4On December 23, Wake Incorporated received notice from the bank of a dishonored check from Davie Company in
the amount of $125.00. The bank charged a service fee of $25.00. What is the correct journal entry for Wake
Incorporated to record the dishonored check?- ADebit Accounts Receivable-Davie Company $125.00, Debit Bank Service Charge $25.00, Credit Cash $150.00
- BDebit Accounts Receivable-Davie Company $150.00, Credit Bank Service Charge $25.00, Credit Cash $125.00
- CDebit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00
- DDebit Cash $150.00, Credit Accounts Receivable-Davie Company $150.00
5Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage
(Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the
correct journal entry to record the transaction?- ADebit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155
- BDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
- CDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155
- DDebit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5, and credit cash $160
6Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the
correct journal entry to record the transaction?- ADebit Petty Cash $500 and credit Cash $500
- BDebit Cash $500 and credit Petty Cash $500
- CDebit Miscellaneous Expense $500 and credit Cash $500
- DDebit Petty Cash $500 and credit Miscellaneous Expense $500
7David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36;
and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry
to record the transaction?- ADebit Cash $63 and credit Miscellaneous Expense $63
- BDebit Miscellaneous Expense $63 and credit Cash $63
- CDebit Office Expense $27, debit Supplies $36 and credit Petty Cash $63
- DDebit Office Expense $27, debit Supplies $36 and credit Cash $63
8Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25;
and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the
transaction?- ADebit Cash $70 and credit Miscellaneous Expense $70
- BDebit Miscellaneous Expense $70 and credit Cash $70
- CDebit Repair Expense $45, debit Supplies $25 and credit Cash $70
- DDebit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70
9Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage
(Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the
correct journal entry to record the transaction?- ADebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110
- BDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110
- CDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash Short and Over $15
- DDebit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
10In the figure, calculate the adjusted checkbook balance.
- A$1,050.00
- B$1,230.00
- C$1,350.00
- D$1,420.00
11In the figure, what is the journal entry to record the bank service charge?
- ADebit Cash $2.50, credit Miscellaneous Expense $2.50
- BDebit Cash $2.50, credit Transaction Fee $2.50
- CDebit Miscellaneous Expense $2.50, credit Cash $2.50
- DDebit Transaction Fee $2.50, credit Cash $2.50
12In the figure, calculate the adjusted bank balance.
- A$1,300.00
- B$1,180.00
- C$1,050.00
- D$1,120.00
13In the figure, assuming that the bank balance is correct, does the bank statement reconcile?
- ANo, the adjusted checkbook balance is $130.00 lower than the adjusted bank balance.
- BNo, the adjusted checkbook balance is $130.00 higher than the adjusted bank balance.
- CYes, the adjusted checkbook balance and the adjusted bank balance agree.
- DYes, the adjusted bank balance is $52.50 lower than the adjusted checkbook balance.
14When you want to make sure that no one other than your company can use a check you would use this type of endorsement:
- Ablank
- Bspecial
- Crestrictive
- Dbank
Informationen
- Beschreibung
- This test covers bank reconciliation and petty cash entries.
- Autor
- Kathleen Keller
- Sprache
- English
- Aufrufe
- 585
- Schlagwörter
- Bewertung
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