ACC 557 Week 5 Midterm 2 â€¢ Question 1 A petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts for $93. The entry to replenish the fund would â€¢ Question 2 Jukebox Company had checks outstanding totaling $10,800 on its June bank reconciliation. In July, Jukebox Company issued checks totaling $77,800. The July bank statement shows that $76,600 in checks cleared the bank in July. A check from one of Jukebox Company’s customers in the amount of $1,000 was also returned marked “NSF.” The amount of outstanding checks on Jukebox Company’s July bank reconciliation should be â€¢ Question 3 The control principle related to not having the same person authorize and pay for goods is known as â€¢ Question 4 Control over cash disbursements is generally more effective when â€¢ Question 5 Candy Claws Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $19,500 Deposits in transit 900 Notes receivable and interest collected by bank 4,800 Bank charge for check printing 120 Outstanding checks 12,000 NSF check 1,020 The adjusted cash balance per books on August 31 is â€¢ Question 6 Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of â€¢ Question 7 A system of internal control â€¢ Question 8 If a check correctly written and paid by the bank for $427 is incorrectly recorded on the company’s books for $472, the appropriate treatment on the bank reconciliation would be to â€¢ Question 9 A company purchased inventory as follows: 150 units at $5 350 units at $6 The average unit cost for inventory is â€¢ Question 10 Eneri Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.00 A physical inventory on December 31 shows 4,000 units on hand. Eneri sells the units for $13 each. The company has an effective tax rate of 20%. Eneri uses the periodic inventory method. The weighted-average cost per unit is â€¢ Question 11 Inventory is reported in the financial statements at â€¢ Question 12 A company just starting business made the following four inventory purchases in June: June 1 150 units $ 390 June 10 200 units 585 June 15 200 units 630 June 28 150 units 510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is â€¢ Question 13 A company uses the periodic inventory method and the beginning inventory is overstated by $7,000 because the ending inventory in the previous period was overstated by $7,000. The amounts reflected in the current end of the period balance sheet are â€¢ Question 14 Income from operations will always result if â€¢ Question 15 Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. â€¢ Question 16 Which of the following expressions is incorrect? â€¢ Question 17 The Sales Returns and Allowances account does not provide information to management about â€¢ Question 18 An aging of a company’s accounts receivable indicates that $5,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $900 credit balance, the adjustment to record bad debts for the period will require a â€¢ Question 19 The basic issues in accounting for notes receivable include each of the following except â€¢ Question 20 The collection of an account that had been previously w
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