F09+MGTB05+Final+Exam+Review+Qs - MGTB05 Final Exam Review...

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MGTB05 Final Exam Review Questions Question 1 The following data for Wong Company are available for the month of December: Book balance of cash, December 31 $ 4,800 Outstanding cheques 840 Bank service charge 15 Deposit in transit 560 NSF cheque 250 When the December cancelled cheques, returned by the bank, were compared with entries in the accounting records, it was found that one cheque for $72 was entered in the records as $27 in payment for the monthly utilities. Required: 1. Calculate the bank statement balance on December 31. 2. Prepare the general journal entries necessary to adjust Wong’s records on December 31. 1
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Question 2 On January 1, 2008, the accounts receivable general ledger account of Gilt Ltd. had a debit balance of $400,000 and the allowance for doubtful accounts account had a credit balance of $42,000. Gilt’s cost of sale is 60%, and it uses a perpetual inventory system. The following transactions occurred during the year: 1. Credit sales totaled $3,200,000 and cash sales totaled $380,000.
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto.

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F09+MGTB05+Final+Exam+Review+Qs - MGTB05 Final Exam Review...

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