21 under the gross method when the credit card

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21) Under the gross method, when the credit card processor deposits the cash proceeds from credit and debit card sales ________. 21) A) there will be no fee charged for the transaction B) the processing fees are deducted from the company's bank account by the processor C) the total sales plus the processing fee assessed equals the net amount of cash deposited D) the deposit is made on the last day of the month
22) Which of the following is paid by the employer only? 22)
23) Which of the following statements regarding Accounts Payable is incorrect? 23)
24) The petty cash fund had an initial imprest balance of $230. It currently has $15 in cash, $3 in miscellaneous petty cash tickets, and an additional $207 in specific petty cash tickets. The debit to Cash Short & Over would be ________. 24)
25) Lana Appliances sells dishwashers with a four - year warranty. In 2018, sales revenue for dishwashers is $96,000. The company estimates warranty expense at 4.5% of revenues. What is the 2018 warranty expense? (Round your final answer to the nearest dollar.) 25) A) $0 B) $3388 C) $4320 D) $1080
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 26) Discuss the roles of the internal auditors and the external auditors. 26) 4
27) Concerning how companies control cash received by mail, state which employee should perform the following duties: Duty Employee who should perform the duty Open the mail and send customer checks to the treasurer Compare the bank deposits to the journal entry for cash receipts 27) 28) Analyze the following independent situations. Required: For each situation, state the likelihood of a future event and state how the conting will be reported. a. Company A estimates it will have to pay $85,000 in warranty repairs next year. b. Company B is being sued by a customer. Company B's attorneys feel that this is a frivolo lawsuit and there is very little chance that the customer will win. c. Company C co - signed a note payable for Company D. Company D is having serious fina problems and it is reasonably possible that Company C will have to pay the note. d. Company E is being sued for a patent infringement. Company E's attorney feels that Company E will be found liable for damages caused by the patent infringement. However, attorney states it is not possible to estimate the amount of the award. 29) Concerning how companies control cash received by mail, state which employee should perform the following duties: Duty Employee who should perform the duty Use the remittance advices to record the journal entries for cash receipts Deposit the customer checks in the bank 29) 30) List the five components of internal control. 28) 30) TRUE/FALSE.

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