7137807
Description
Quiz by Kathleen Keller, updated more than 1 year ago
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Created by Kathleen Keller
over 7 years ago
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Question 1
Question
Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?
Answer
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$4,350.00
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$4,500.00
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$4,525.00
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$4,550.00
Question 2
Question
On 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?
Answer
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Debit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash $225.00
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Debit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash $200.00
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Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
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Debit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00
Question 3
Question
Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?
Answer
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$2,325.00
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$2,345.00
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$2,360.00
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$2,580.00
Question 4
Question
On 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?
Answer
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Debit Accounts Receivable-Davie Company $125.00, Debit Bank Service Charge $25.00, Credit Cash $150.00
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Debit Accounts Receivable-Davie Company $150.00, Credit Bank Service Charge $25.00, Credit Cash $125.00
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Debit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00
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Debit Cash $150.00, Credit Accounts Receivable-Davie Company $150.00
Question 5
Question
Timothy 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?
Answer
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Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Cash $155
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Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
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Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25 and credit Petty Cash $155
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Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, debit Cash Short and Over $5, and credit cash $160
Question 6
Question
Michael 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?
Answer
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Debit Petty Cash $500 and credit Cash $500
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Debit Cash $500 and credit Petty Cash $500
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Debit Miscellaneous Expense $500 and credit Cash $500
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Debit Petty Cash $500 and credit Miscellaneous Expense $500
Question 7
Question
David 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?
Answer
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Debit Cash $63 and credit Miscellaneous Expense $63
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Debit Miscellaneous Expense $63 and credit Cash $63
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Debit Office Expense $27, debit Supplies $36 and credit Petty Cash $63
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Debit Office Expense $27, debit Supplies $36 and credit Cash $63
Question 8
Question
Mary 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?
Answer
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Debit Cash $70 and credit Miscellaneous Expense $70
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Debit Miscellaneous Expense $70 and credit Cash $70
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Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
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Debit Repair Expense $45, debit Supplies $25 and credit Petty Cash $70
Question 9
Question
Michelle 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?
Answer
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Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110
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Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Petty Cash $110
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Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and credit Cash $110, credit Cash Short and Over $15
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Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
Question 10
Question
In the figure, calculate the adjusted checkbook balance.
Answer
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$1,050.00
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$1,230.00
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$1,350.00
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$1,420.00
Question 11
Question
In the figure, what is the journal entry to record the bank service charge?
Answer
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Debit Cash $2.50, credit Miscellaneous Expense $2.50
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Debit Cash $2.50, credit Transaction Fee $2.50
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Debit Miscellaneous Expense $2.50, credit Cash $2.50
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Debit Transaction Fee $2.50, credit Cash $2.50
Question 12
Question
In the figure, calculate the adjusted bank balance.
Answer
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$1,300.00
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$1,180.00
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$1,050.00
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$1,120.00
Question 13
Question
In the figure, assuming that the bank balance is correct, does the bank statement reconcile?
Answer
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No, the adjusted checkbook balance is $130.00 lower than the adjusted bank balance.
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No, the adjusted checkbook balance is $130.00 higher than the adjusted bank balance.
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Yes, the adjusted checkbook balance and the adjusted bank balance agree.
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Yes, the adjusted bank balance is $52.50 lower than the adjusted checkbook balance.
Question 14
Question
When you want to make sure that no one other than your company can use a check you would use this type of endorsement:
Answer
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blank
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special
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restrictive
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bank
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