p2 Acct 201 test 2 - The collection of accounts receivable...

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The collection of accounts receivable seems to be slightly improving. It took the company slightly overone-half day less to collect on its accounts receivable in 2013 than in 2012.ItemsBank or BookAddition orSubtractionAdjusting entry requireda.Interest on cash balanceBookAdditionYesb.Bank service chargesBookSubtractionYesc.Debit memosBookSubtractionYesd.Outstanding checksBankSubtractionNoe.Credit memosBookAdditionYesf.NSF checksBookSubtractionYesgOutstanding depositsBankAdditionNoBank BalanceBook BalanceShown/Not Shown on Reconciliation1.NSF check from customer returned on Sept. 25 butnot recorded by this company.NADeduct - Cr.Shown2.Interest earned on the September cash balance inthe bank.NAAdd - Dr.Shown3.Deposit made on September 5 and processed bybank on September 6.NANANot Shown4.Check written by another depositor but chargedagainst this company's account.AddNAShown5.Bank service charge.NADeduct - Cr.Shown6.Checks outstanding on August 31 that cleared thebank in September.NANANot Shown7.Check written against the company account andcleared by the bank; erroneously not recorded by thecompany recordkeeper.NADeduct - Cr.Shown8.Principal and interest on a note receivable to thiscompany is collected by the bank but not yetrecorded by the company.NAAdd - Dr.Shown9.Checks written and mailed to payees on October 2.NANANot Shown10.Checks written by the company and mailed topayees on September 30.DeductNAShown11.Deposit made on September 30 after the bankclosed.AddNAShown12.Special bank charge for collection of note in part 8on this company’s behalf.NADeduct - Cr.ShownDescriptionDocument
A.An itemized statement of goods prepared by the vendor listing thecustomer's name, items sold, sales prices, and terms of sale.InvoiceB.An internal file used to store documents and information to control cashdisbursements and to ensure that a transaction is properly authorized andrecorded.VoucherC.A document used to place an order with a vendor that authorizes thevendor to ship ordered merchandise at the stated price and terms.Purchase orderD.A checklist of steps necessary for the approval of an invoice for recordingand payment; also known as a check authorization.

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Term
Spring
Professor
KENNETHK.YUNG
Tags
Interest, Options, 1981, 1971, 1944, 1973

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