Question
14. Some of the special journals we learned include the following except for: A. Cash Disbursements Journal B. Sales Journal C. Cash Receipts Journal D.
14. Some of the special journals we learned include the following except for:
A. Cash Disbursements Journal
B. Sales Journal
C. Cash Receipts Journal
D. Inventory Journal
15. Items get posted from the Purchase and the Sales Journal to the General Ledger and to the:
A. Subsidiary Ledger for each vendor or customer
B. Income Statement
C. Balance Sheet
D. Substantive Ledger
16. The procedure of reconciling a businesss cash account to the bank statement is called:
A. Bank Reconciliation
B. Bank to Book Reconciliation
C. Cash Internal Control Reconciliation
D. General Ledger Reconciliation
17. One of the Internal Controls discussed include:
A. Separation of duties
B. Having the companys bookkeeper handle the cash deposits
C. Keep the accounting records unlocked
D. Allow the companys bookkeeper to skip vacations
PART V FILL IN THE PROPER ANSWER IN THE BLANKS
18. Two methods for calculating uncollectable accounts receivable are: the ________ off method and the ________ method.
19. Under the Direct Write off method for uncollectable accounts receivable, the journal entry for $200 owed by a customer that wont pay would be:
__________ Debt Expense $200
Accounts Receivable $200
20. Under one of the Allowance Methods, the computation of the Allowance for Bad Debts is calculated by using the ______ method, often based upon receivables that are 30 days, 60 days or 90 days outstanding.
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