ACC 291T Assignment Week 3 Practice: Connect® Knowledge Check
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ACC 291T Assignment Week 3 Practice: Connect® Knowledge Check

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ACC 291T Week 3 Practice: Connect® Knowledge Check Complete the Week 3 Knowledge Check in Connect®. Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date. The bank statement did not show a check for $630 that was written and recorded by the company during the month. The journal entry needed for this reconciling item includes: Multiple Choice • a credit to Accounts Payable. • no journal entry is required for the reconciling item. • a debit to cash. • a credit to Cash. Included with its bank statement a firm may receive a credit memorandum, which could indicate Multiple Choice • a fee for printing new business checks. • a bank service charge deducted from the firm’s account balance. • an addition to the firm’s account balance because the bank collected the amount due on a promissory note from a customer of the firm. • the bank’s return of a dishonored (NSF) check that was issued by a credit customer of the firm. A firm appropriately wrote a check for $78 but entered the amount as payment of $87 in its records. On a bank reconciliation statement this error would be shown as Multiple Choice • a deduction of $9 from the book balance. • an addition of $9 to the book balance. • a deduction of $9 from the bank statement balance. • an addition of $9 to the bank statement balance. Which of the following is not a reason why the book balance of cash may not agree with the balance on the bank statement? Multiple Choice • Outstanding checks • End of the month • Service charges and other deductions • Deposit in transit The bank statement did not show a deposit of $850 that had been recorded by the firm. The journal entry needed for this reconciling item includes: Multiple Choice • a credit to Accounts Receivable. • a credit to Cash. • no journal entry is required for the reconciling item. • a debit to cash. The bank statement showed an NSF check from a customer, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice • a debit to NSF Expense. • a debit to cash. • a credit to Cash. • a credit to Accounts Receivable. To arrive at an accurate balance on a bank reconciliation statement, a service charge should be Multiple Choice • added to the bank statement balance. • deducted from the book balance. • deducted from the bank statement balance. • added to the book balance. On March 30, a firm’s bank reconciliation statement shows a book balance of $31,640, an NSF check of $800, and a service charge of $40. The journal entry on March 30 to record these items would be: DEBIT CREDIT (A) Accounts Receivable 800 Bank Fees Expense 40 Cash 840 (B) Cash 840 Bank Fees Expense 40 NSF Expense 800 (C) Miscellaneous Expenses 840 Cash 840 (D) Cash 840 Accounts Receivable 800 Bank Fees Expense 40 ________________________________________ Multiple Choice • Option A. • Option B. • Option D. • Option C. On April 1, Java Brewers created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for Supplies of $55 and Delivery Expenses of $40. The journal entry on April 30, to replenish the fund, would be: DEBIT CREDIT (A) Petty Cash 95 Cash 95 (B) Cash 95 Petty Cash 95 (C) Delivery Expenses 40 Supplies 55 Petty Cash 95 (D) Delivery Expenses 40 Supplies 55 Cash 95 ________________________________________ rev: 11_01_2017_QC_CS-107838, 11_06_2017_QC_CS-108303 Multiple Choice • Option A. • Option D. • Option C. • Option B. A check issued for $890 to pay a vendor on account was recorded in the firm’s records as $980; the canceled check was properly listed on the bank statement at $890. To arrive at an accurate balance on a bank reconciliation statement, the error should be Multiple Choice • deducted from the bank statement balance. • added to the bank statement balance. • added to the book balance. • deducted from the book balance. A check issued for $890 to pay a vendor on account was recorded in the firm’s records as $980; the canceled check was properly listed on the bank statement at $890. The journal entry for this reconciling item would include: Multiple Choice • a debit to Accounts Payable for $90. • a debit to cash for $90. • a debit to Cash for $890. • a credit to Accounts Payable for $890. During the month a company paid $54.75 for office supplies and $63.22 for miscellaneous expenses from the petty cash fund. The entry to replenish the petty cash fund at the end of the month would include Multiple Choice • a debit to Cash for $117.97. • a credit to Office Supplies for $54.75. • a debit to Petty Cash for $117.97. • a credit to Cash for $117.97. On August 3, Marley’s Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed $490 on account. (J. J. had needed more time to pay his balance.) The promissory note had a 10 percent interest rate. The journal entry on August 3 to record the transaction would be: DEBIT CREDIT (A) Notes Receivable 490 Accounts Receivable 490 (B) Cash 490 Notes Receivable 490 (C) Cash 490 Accounts Receivable 490 (D) Accounts Receivable 490 Notes Receivable 490 ________________________________________ Multiple Choice • Option B. • Option D. • Option C. • Option A. Which of the following would not be shown as an adjustment to the book balance on a bank reconciliation statement? Multiple Choice • Bank service charges • Deposits in transit • NSF checks • A charge for printing new checks The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice • a debit to Accounts Receivable. • a credit to Cash. • a credit to Interest Income. • a debit to cash. Which of the following statements is ? Multiple Choice • An endorsement is a written authorization that transfers ownership of a check. • A check is a written order signed by an authorized person, the drawee. • Most businesses make one monthly deposit of cash receipts in order to maintain better control over their cash. • If a check is negotiable, it means that ownership cannot be transferred. George’s Grocers keeps a $100 change fund in its cash register. The cash sales per the cash register tape on January 30 were $405. The cash count was $502. Identify the journal entry below to record the sales and cash overage (or shortage) for January 30. DEBIT CREDIT (A) Cash 402 Cash Short or Over 3 Sales 405 (B) Cash 502 Sales 502 (C) Sales 505 Cash Short or Over 3 Cash 502 (D) Cash 405 Sales 405 ________________________________________ Multiple Choice • Option D. • Option A. • Option B. • Option C. If a check written by a firm is not canceled by the bank and returned with the month’s bank statement, the firm should Multiple Choice • consider this check as outstanding when preparing the bank reconciliation. • adjust the balance in the firm’s checkbook to reflect the data that appears in the bank’s records. • immediately notify the bank requesting that it its records. • make no adjustment when preparing the bank reconciliation. The journal entry to record the collection of the amount due on an interest-bearing promissory note from a customer would debit Cash, credit Notes Receivable, and Multiple Choice • debit Interest Income. • credit Interest Expense. • credit Interest Income. • debit Interest Expense. To arrive at an accurate balance on a bank reconciliation statement, deposits in transit should be Multiple Choice • deducted from the book balance. • deducted from the bank statement balance. • added to the bank statement balance. • added to the book balance. Most businesses use the petty cash fund to pay for Multiple Choice • merchandise purchases. • small expenditures. • internal expenses. • accounts payable. Identify the items below that would all appear as an addition or subtraction from the Book Balance side of a bank reconciliation statement. Multiple Choice • Deposits in transit, bank service charges. • Outstanding checks, customer NSF check. • Bank service charges, customer NSF check. • Outstanding checks, deposits in transit. Of the four categories listed in a bank reconciliation, which one(s) require a journal entry(ies) in the firm’s records? Multiple Choice • Bank Statement Balance Deductions and Book Balance of Cash Deductions • Bank Statement Balance Additions and Book Balance of Cash Additions • Book Balance of Cash Additions and Book Balance of Cash Deductions • Bank Statement Balance Additions and Bank Statement Balance Deductions To arrive at an accurate balance on a bank reconciliation statement, a credit memorandum from the bank for the collection of a note and interest should be Multiple Choice • deducted from the bank statement balance. • added to the bank statement balance. • deducted from the book balance. • added to the book balance. A check issued for $785 to pay a vendor on account was recorded in the firm’s records as $758; the canceled check was properly listed on the bank statement at $785. The journal entry for this reconciling item would include: Multiple Choice • a debit to cash for $785. • a debit to Accounts Payable for $758. • a credit to Accounts Payable for $27. • a credit to Cash for $27. Which of the following statements is not ? Multiple Choice • The petty cash account balance is usually listed separately from the Cash account on the Balance Sheet. • In a well managed business, most bills are paid by cash. • In accounting, the term “cash” includes checks, money orders, and funds on deposit in a bank as well as currency and coins. • The cash register proof is used to enter the cash sales and sales tax in the journal. To arrive at an accurate balance on a bank reconciliation statement, a debit memorandum for a customer check marked NSF should be Multiple Choice • added to the book balance. • deducted from the bank statement balance. • deducted from the book balance. • added to the bank statement balance. 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 Multiple Choice • added to the book balance. • added to the bank statement balance. • deducted from the bank statement balance. • deducted from the book balance. To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be Multiple Choice • added to the bank statement balance. • deducted from the book balance. • added to the book balance. • deducted from the bank statement balance. The entry to replenish a petty cash fund typically includes Multiple Choice • debits to various asset and expense accounts and a credit to Cash. • debits to various expense accounts and a credit to Petty Cash Fund. • a debit to Cash and a credit to Petty Cash. • a debit to Petty Cash Fund and a credit to Cash.

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