Question
1) Aquamarine Co. establishes a Change Fund of $450. Which of the following journal entries records this transaction? a.Change Fund$450 Petty Cash Fund$450 b.Accounts Payable$450
1) Aquamarine Co. establishes a Change Fund of $450. Which of the following journal entries records this transaction?
a.Change Fund$450 Petty Cash Fund$450
b.Accounts Payable$450 Other Income$450
c.Petty Cash Fund$450 Cash$450
d.Change Fund$450 Cash$450
2) Which of the following would be added to the ledger balance of cash when preparing a bank reconciliation?
a.bank service charges.
b.notes collected by the bank.
c.deposit in transits.
d.outstanding checks.
3) Which of the following would be subtracted from the bank statement balance when preparing a bank reconciliation?
a.bank service charges.
b.notes collected by the bank.
c.outstanding checks.
d.deposit in transits.
4) Two bank statement amounts that require journal entries are
a.outstanding checks and an error in recording a check.
b.deposits in transit and bank service charges.
c.deposits in transit and outstanding checks.
d.bank service charges and an NSF check.
e.collection of a note receivable and deposits in transit.
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