EXAM 2 SOLUTION

EXAM 2 SOLUTION - Management 1A Summer 2004 Danny S. Litt...

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Management 1A Summer 2004 Danny S. Litt EXAM 2 SOLUTION Name: ________________ Student ID No. _________________ I agree to have my grade posted by Student ID Number. ___________________ (Signature) 1 20 2 25 3 20 4 20 5 30 6 30 7 30 8 25 TOTAL 200
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MANAGEMENT 1A NAME: __________________________ Problem 1 On October 1, 2004, Foster Company establishes an imprest petty cash fund by issuing a check for $150 to Kim Mann, the custodian of the petty cash fund. On October 31, 2004, Kim Mann submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $6 cash in the fund: Freight-in $20 Office Supplies Expense 40 Entertainment of Clients 60 Postage Expense 20 Requirements: Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31. Solution Oct. 1 Petty Cash . .............................................................................................. 150 Cash . ............................................................................................. 150 (To establish a petty cash fund) 31 Cash Over and Short . .............................................................................. 4 Freight-in . ................................................................................................ 20 Office Supplies Expense . ........................................................................ 40 Entertainment Expense . ........................................................................... 60 Postage Expense . ..................................................................................... 20 Cash . ............................................................................................. 144 (To record expenses for October and to replenish the petty cash fund) Page 1
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MANAGEMENT 1A NAME: __________________________ Problem 2 Reebles Food Store developed the following information in recording its bank statement for the month of March. Balance per books March 31 $ 3,622 Balance per bank statement March 31 $11,400 ——————————————————————————————————————————— (1) Checks written in March but still outstanding $8,000. (2) Checks written in February but still outstanding $3,200. (3) Deposits of March 30 and 31 not yet recorded by bank $7,200. (4) NSF check of customer returned by bank $700. (5) Check No. 210 for $591 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $519. (6) Bank service charge for March was $50. (7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $834 when Check No. 318 was correctly prepared for $384. The check cleared the bank in March.
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This note was uploaded on 04/22/2008 for the course MATH 32A taught by Professor Gangliu during the Winter '08 term at UCLA.

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EXAM 2 SOLUTION - Management 1A Summer 2004 Danny S. Litt...

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