5.For Accurate Co.

The February bank statement shows a balance of $50,000 at February 29^th

Outstanding cheques at February 29th are $20,000

A deposit of $8,000 made on February 28th is in transit and had not cleared the bank by February 29^th

A cheque for $500, actually written by Wrong Co., was erroneously charged by the bank against Accurate's account.

In determining that the outstanding cheques totaled $20,000, Accurate Co.'s bookkeeper preparing the bank reconciliation only needed to look at:

The January and February bank statements and the January and February cash journal entries

None of the others alternatives are correct

The February bank statement, the January bank reconciliation showing cheques outstanding at the end of January, and the February cash journal entries showing cheques issued in February

The January bank statement and the January and February cash journal entries showing cheques issued in both January and February

The February bank statement and the February cash journal entries showing cheques issued in February

8.Which of the following is a major source of cash for a business?

Buying merchandise to be sold with a markup of 500%

Selling off obsolete inventory at a heavily discounted price

Repayment of financing to Bank of Montreal

Purchase of capital assets

None of the others alternatives are correct