23) Which of the following is true of an accounts receivable subsidiary ledger? A) The total of the accounts in the accounts receivable subsidiary ledger mast equal the in the general ledger B) Companies keep an accounts payable subsidiary ledger that is entirely different subsidiary ledger C) It does not include a receivable account for each D) It contains information about the amount each customer purchased on credit, but accounts receivable balance is entirely different than the accounts receivable customer, but includes a cumulative account for all customers 24) Which of the following is true of an accounts payable subaidiary ledger? A) It does not indicate the amount owed to each vendor B) Its format is entirely different from an accounts receivable subsidiary ledger C) It shows only a single total for the amount owed on account. D) It lists vendors in alphabetical order, along with amounts paid to the vendors and the remaining amounts owed to them. 25) A check was written by a business for s50r, but was recorded in the cash payments journal as $705. How would this error be included on the bank reconciliation? A) a deduction on the book side C) a deduction on the bank side B) an addition on the book side D) an addition on the bank side 26) A company has a petty cash fund amount of $300. When replenished, it has petty cash receipts of $30 for gas expense, $32 for postage expense, $16 for supplies expense and $10 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited with: A) $72 D) S78 C)S62 B) $88 27) A petty cash fund was established with a $600 balance. It currently has cash of $25 and petty cash tickets as shown below ravel ex supplies rental expense Which of the following would be included in the journal entry to replenish the Pety Cash account A) Debit Cash Short& Over for $55 C) Debit Petty Cash $55 B) Credit Petty Cash $85 D) Credit Cash Short & Over for $55 28) Under the net method of handling credit and debit card payments, A) the net amount of the sale is credited to the Sales Revenue account on the date of sale. B) the credit to the Sales Revenue account is the selling price less the transaction fee. C) the business writes a check to the credit and debit card processor for the processing fee. D) the processing fee is debited to the Credit Card Expense account on the date of sale. he credit card processor deposits the cash proceeds from credit and debit card 29) Under the gross method, when t sales in the bank account of the business A) there will be no fee charged for the transaction. B) the business will credit cash for the gross amount of the sale. C) the total sales plus the processing fee assessed equals the net amount of cash deposited. D) the processing fees are deducted from the company's bank account by the processor. 30) The entity that signs the promissory note and promises to pay the required amount is the A) holder of the note. D) payee of the note. C) banker of the note. B) maker of the
