Practice Test 2

Practice Test 2 - ACCT 225 Fall 2008 Practice Test 2...

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ACCT 225 – Fall 2008 Practice Test 2 IMPORTANT: This practice test is not intended to cover every topic that is on the second exam. It is intended to give you some practice with multiple-choice questions. You should not study solely from this practice test if your goal is to past the second exam . 1. The monthly bank reconciliation for JHF Corporation contained the following items: Cash balance per bank statement $975 Cash balance per books (before reconciliation) 660 Outstanding checks 545 Deposits in transit 190 Bank service charge 25 Interest received from the bank 5 Customer’s check returned by bank as NSF 20 Given the above information, what adjusted cash balance should JHF Corporation report on the balance sheet at month-end? $660 $640 $620 $305 2. On December 5, Z-Mart purchased $1,800 of merchandise on account, terms 2/10, n/30. On December 7, they returned $200 worth of merchandise because it was defective. On December 9, Z-Mart paid the balance in full. The amount of the check was: $1,800. $1,564. $1,568. $1,600 3. On May 15, Luke’s Baseball Shop sold inventory for $300 in cash. The inventory has originally cost Luke $125. The entry to record the expense related to this sale
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This note was uploaded on 06/06/2011 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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Practice Test 2 - ACCT 225 Fall 2008 Practice Test 2...

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