AFM101_Midterm_Winter07_Solution

AFM101_Midterm_Winter07_Solution - AFM 101 Multiple Choice...

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AFM 101 Multiple Choice (1 Point Each) 1. B 2. D 3. D 4. D 5. A 6. B 7. B 8. A 9. B 10. A 11. C 12. C 13. A 14. D 15. B 16. D 17. C 18. B 19. A 20. C 21. A 22. A 23. C 24. A 25. D 26. C 27. D 28. A 29. C 30. C
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Part B: Bank Reconciliation (17 Points) A) 10 Points Red Company Bank Reconciliation October 21, 20C Book Balance of Cash 19,900 Bank Statement Balance 22,105 Additions: Additions: Note Collected 2400 Deposits in transit 1000 Interest on Note 120 Deductions: Deductions: NSF Cheque (100) Outstanding Cheuqes (800) Bank Service Charge (15) Corrected Cash Balance 22,305 Corrected Cash Balance 22,305 Award 1 Point for each correct amount with appropriate title. 1 Point each for writing in the cash balances based on book and bank balance. 1 Point for ensuring that the corrected cash balances are equal. B) 7 Points Date Title Debit Credit Oct 31 Cash 2,520 Note Receivable 2,400 Interest Revenue 120 Accounts Receivable 100 Cash 100 Service Charge Expense 15 Cash 15 3 Points For Recording the Note Receivable collection 2 Points for reinstating the A/R for the NSF Cheque
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AFM101_Midterm_Winter07_Solution - AFM 101 Multiple Choice...

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