23 three questions in total Question 1 of 30

see question at attached and answer below questionn:Consider the following facts for Company A:

- Cash account balance per the general ledger at May 31 = $13,287. - Cash account balance per the bank statement at May 31 = $14,157. - The bank statement included a debit memo of $35 for check printing charges. - Cash sales of $1,720 on May 12 were deposited in the bank. The deposit was incorrectly recorded in Company A books for $1,820. The bank credited the cash account for the correct amount. - At May 31, outstanding checks totaled $1,225. - At May 31, deposits in transit totaled $2,100. - On May 18, Company A issued check #1181 for $191 to Company B for payment on account. The check cleared the bank in May, but was incorrectly recorded by Company A on its books for $119. - A $4,000 not receivable was collected by the bank for Company A on May 31 plus interest of $80. The bank charged a collection fee of $20. No interest had been accrued by Company A for the note. - In the cancelled checks received with the bank statement, there was check for $800 issued by another company and incorrectly charged to Company A by the bank. - On May 31, the bank statement showed an NSF charge of $1,308 for a check issued by a customer to Company A as payment on account. Company A's bank reconciliation for May 31, 2014 should show an adjusted Cash account balance of $ _____________.

Question 2 of 30

If Income Summary has a debit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a

debit to the Retained Earnings account.

credit to the Retained Earnings account. none of these answers are correct credit to the Dividends account. debit to the Dividends account.

Question 3 of 30

Consider the following facts: - Company A purchased goods for $50,000 - The purchase terms were 2/10,n/30 - Company A returned $1,000 of the goods - Company A paid freight of $250 on the shipment of the goods - Company A paid the invoice within the discount period As a result of this purchase, Company A's inventory increased by:

Question 4 of 30

Consider the following facts for Company A: - Cash account balance per the general ledger at May 31 = $13,287. - Cash account balance per the bank statement at May 31 = $14,157. - The bank statement included a debit memo of $35 for check printing charges. - Cash sales of $1,720 on May 12 were deposited in the bank. The deposit was incorrectly recorded in Company A books for $1,820. The bank credited the cash account for the correct amount. - At May 31, outstanding checks totaled $1,225. - At May 31, deposits in transit totaled $2,100. - On May 18, Company A issued check #1181 for $191 to Company B for payment on account. The check cleared the bank in May, but was incorrectly recorded by Company A on its books for $119. - A $4,000 not receivable was collected by the bank for Company A on May 31 plus interest of $80. The bank charged a collection fee of $20. No interest had been accrued by Company A for the note. - In the cancelled checks received with the bank statement, there was check for $800 issued by another company and incorrectly charged to Company A by the bank. - On May 31, the bank statement showed an NSF charge of $1,308 for a check issued by a customer to Company A as payment on account. With respect to Company A's bank reconciliation adjusting entries at May 31, which of the following statements is true?

The total credits to Notes Receivable account should be $4,080 None of these answers are correct. The total credits to the Cash account should be equal to $4,060 The total debits to the Accounts Receivable account should be $4,000 The total credits to the Cash account should equal $1,515.

Question 5 of 30

Consider the following situations for Company A: Situation #1: On the June 30 bank reconciliation, deposits in transit total $720. During July, the Cash account in the general ledger shows deposits of $15,750. The bank statement for July shows that $15,600 in deposits were received during the month. Situation #2: On the June 30 bank reconciliation, outstanding checks were $680. During the month of July, the Cash account in the general ledger shows that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July. Situation #3: In September, deposits per the bank statement totaled $26,700, deposits per books were $25,400, and deposits in transit at September 30 were $2,100. Situation #4: In September, cash disbursements per books were $23,700, checks clearing the bank were $25,000, and outstanding checks at September 30 were $2,100. In all 4 situations, there were no bank debit or credit memos. Also, no Cash account errors were made by either the bank of the company. In situation #1, the deposits in transit at July 31 were $ ___________.

3Question 6 of 30

Which of the following journal entries is required to close the Income Summary account of an unprofitable company?

Debit Income Summary, credit Retained Earnings. None of these answers are correct Credit Income Summary, debit Retained Earnings. Debit Income Summary, credit Revenue. Credit Income Summary, debit Common Stock.

3Question 7 of 30

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the average-cost inventory accounting method. Company A's ending inventory for April is:

3Question 8 of 30

A general ledger should be arranged in the order in which accounts are presented in the financial statements, beginning with the balance sheet accounts. True/ False

3Question 9 of 30

Consider the following facts for Company B: At December 31, 2014, the trial balance showed the following balances: Accounts Receivable = $280,000 debit balance Allowance for Doubtful Accounts = $1,500 credit balance Sales Revenue = $650,000 credit balance Additional information: - An aging schedule indicates that $12,500 of accounts receivable will be uncollectible. - Company A estimates that 2% of sales will be uncollectible. Which of the following statements is true about the adjusting entry for Bad Debt Expense at December 31, 2014?

Bad Debt Expense under the Percentage of Receivable method will be greater than the Bad Debt Expense under the Percentage of Sales method by $1,000. Bad Debt Expense under the Percentage of Receivable method will be less than the Bad Debt Expense under the Percentage of Sales method by $3,000. Bad Debt Expense under the Percentage of Receivable method will be greater than the Bad Debt Expense under the Percentage of Sales method by $4,000. None of these answers are correct Bad Debt Expense under the Percentage of Receivable method will be less than the Bad Debt Expense under the Percentage of Sales method by $2,000.

3Question 10 of 30

Unearned revenues are revenues which have not been collected but have been earned.

True/ False

4Question 11 of 30

Consider the following facts: - Company A purchased goods for $20,000. - Its credit terms were 2/10, n/30. - Company A returned $400 of the goods to the seller and received credit on its account. - Company A paid the freight on the shipment of the goods originally. The freight cost was $100. - Company A made final payment for the goods within the discount period. Based on this scenario, Company A's inventory:

4Question 12 of 30see question at attached and answer below question:

After recording all the November transactions and the required end-of-month adjusting entries, the Total Liabilities & Stockholders' Equity as of November 30, 2014 will be:

5Question 13 of 30

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system Company A's cost of goods sold under the average-cost method is:

6Question 14 of 30see question at attached and answer below question:

After recording all the November transactions and the required end-of-month adjusting entries, the net income for the month ending November 30, 2014 will be:

6Question 15 of 30

If an adjustment is needed for unearned revenues, the

liability is correct and the related revenue is understated before adjustment.liability and related revenue are understated before adjustment. none of these answers are correct liability and related revenue are overstated before adjustment. liability is understated and the related revenue is overstated before adjustment.

6Question 16 of 30

A company received a check for $24,000 on July 1 which represents a 12 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full $24,000. Financial statements will be prepared on July 31. The company should make the following adjusting entry on July 31:

Debit Rent Revenue, $4,000;Credit Unearned Rent, $4,000.None of these answers are correct Debit Unearned Rent, $2,000;Credit Rent Revenue, $2,000. Debit Unearned Rent, $4,000;Credit Rent Revenue, $4,000. Debit Cash, $24,000; Credit Rent Revenue, $24,000.

6Question 17 of 30

On September 1, 2014, a company reported a cash balance of $12,000. During September, the company made deposits of $3,000 and made disbursements totalling $14,000. What is the cash balance at the end of September?

7Question 18 of 30

Consider the following facts: - Company A sold products for $40,000 cash during the month. - Customers returned $1,000 of the products. - Company A's gross profit rate is 40%. Company A's net sales revenue and cost of goods sold will be which of the following for the month?

$40,000 and $23,400. $39,000 and $24,000. $40,000 and $24,000. None of these answers are correct $39,000 and $23,400.

7Question 19 of 30

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