Accounting II Final Answers

Accounting II Final Answers - AccountingIIFinal:...

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Accounting II Final:     In management’s internal control report that is now required of all public companies, which of the following does not have a direct effect on a company’s internal control system? Board of trustees Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called ________. preventive controls There are three parties to a check. The drawer is ________. is the one who signs the check ordering payment by the bank The bank reconciliation ________. is part of the internal control system A check drawn by a depositor in payment of a voucher for $725 was recorded in the journal as $257. What entry is required in the depositor’s accounts? debit Accounts Payable; credit Cash Receipts from cash sales of $9,500 were recorded incorrectly in the cash receipts journal as $5,900. What entry is required in the depositor’s accounts? debit Cash; credit Sales Santos Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $3,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per books on August 31 is _______. $4,160
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A $100 petty cash fund has cash of $18 and receipts of $80. The journal entry to replenish the account would include a ________. debit to Cash Over and Short for $2 The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be as follows: ________. debit Uncollectible Accounts Expense; credit Accounts Receivable Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is _______. $18,000 Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates doubtful accounts of $15,000. Which of the following entries records the proper provision for doubtful accounts? debit Uncollectible Accounts Expense, $14,200; credit Allowance for Doubtful Accounts, $14,200 After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net realizable value of the accounts receivable? $425,000
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This note was uploaded on 06/28/2010 for the course ACCT AC116 taught by Professor Hobbs,j during the Summer '10 term at Kaplan University.

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Accounting II Final Answers - AccountingIIFinal:...

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