1.The special journal that an accounts receivable clerk would use most often would be the ________ journal. (Points : 20)

general sales cash disbursements cash receipts

Question 2.2.Jeezy Inc. had a bank balance of $6,500 at the end of the month. They also had the following reconciling items:

Deposits in transit	$2,300
Interest revenue earned on the account	$12
Outstanding checks	$1,400
Bank service charge	$25
Bookkeeping error (check for $500 was recorded as $50)	$450
NSF checks	$150

What is the adjusted bank balance for Jeezy Inc.? (Points : 20)

$5,887 $6,800 $8,200 $7,400

Question 3.3.________ provide(s) useful information to management by delineating which customers are current and which customers are overdue on their accounts, and by reporting how long the account has been outstanding. (Points : 20)

Net realizable value of accounts receivable The allowance method The aged receivables report Interim financial statements

Question 4.4.ABC Company requires that all checks over $1000 be signed by two corporate officers. This required review of large checks by upper management is an internal control focusing on ________. (Points : 20)

safeguarding assets promoting operational efficiency encouraging employees to follow company policy ensuring accurate and reliable accounting records

Question 5.5.Mapco had the following information related to accounts receivable during the year:

Accounts receivable balance on January 1st	$15,000
Net credit sales	$150,000
Collections on accounts receivable	$144,000
Allowance account balance on January 1st	$3,200
Write-offs during the year	$3,500

Mapco uses the percentage-of-sales method of estimating uncollectible accounts. Historically, 2.5% of net credit sales will be uncollectible. What will be the balance in the allowance account for Mapco at the end of the year? (Points : 20)

$3,450 $6,950 $4,125 $3,750