A company wants to decrease its $200.00 petty cash fund to $100.00. The entry to reduce the fund is. Multiple Choice 0 Debit Petty Cash for $100.00: debit Cash Over and Short $172.00. Credit Cash $200.00 Debit to Cash $100.00; credit Petty Cash $100.00 0 Debit Petty Cash $72.00; credit Cash $72.00. 0 0 Debit Miscellaneous Expenses $28.00; credit Cash $28.00 O Debit Cash Over and Short for $1175credit Petty Cash $1175. 0 Spencer Co has a $440 petty cash fund. At the end of the first month the accumulated rece os represent 567 for delivery expenses. $223 for merchandise inventory, and $36 for miscellaneous expenses. The fund has a balance of $114. The journal entry to record the reimbursement of the account includes: Multiple Choice o Credit to Cash for $326 o Debit to Cash Over and short for $114 o Credit to inventory for $223 o Credit to Cash Over and short for 14 o O Debit to Petty Cash for $440. Easton Ce deposit cash recent day they rea c hes by check $60.349 on deposit in the bank in the diste balance using th i ngs Deast 1 Transit Outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the The add a balance should be Clayborn Company deposits all cash receipts on the day they are received and makes a cash payments by check at the core of business on May tits Cash account shows shows $21800 on deposit in the bank. Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Bank service fees, not yet recorded by company A NSF check from a customer, not yet recorded by the company 57,450 36,100 $ 100 $1,275 The adjusted cash balance should be Multiple Choice 0 0 0 0 0 A company had net sales of $30,800 and ending accounts receivable of $3,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) o 90s days. o o o so dry o O 32.20 days Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? Multiple Choice o Going-concem assumption o ) Business entity assumption o Measurement (Cost principle. o Consideration assumption o Expense recognition Matching principle Revenue is properly recognized: Multiple Choice . Upon completion of the sale or when services have been performed and the business obtains the right to collect Only if the transaction creates an account receivable At the end of the accounting period. C) When cash from a sale is received The record of all accounts and their balances used by a business is called a: Multiple Choice O Journal Balance column journal Book of original entry. General Journal Ledger (or General Ledger) . Identify the account below that is classified as a liability in a company's chart of accounts: Multiple Choice o Unearned Revenue o Supplies o Cash o O Accounts Receivable o ) Salaries Expense Only of the current Calendar year, Plum Co, paid $8,500 cash for management services to be performed over a two-year period beginning July L Plum follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December of the current year for Plum would include: O A debit to an exper O O A p redsense and credit to an expense for $2.125 O A creatio n and a debt to a prepaid expense for 52125 O Adebit to a prepaid credit to Cash for $6.775 O A tom expense and prepadexpense for $2.125 A company had net sales of $796,700 and cost of goods sold of $566,510. Its net income was $27,450. The company's gross margin ratio equals. Multiple Choice (3) o 23.0 o 289% o o 40 o s es Merchandise inventory: Multiple Choice Includes supplies the company will use in future periods. Is a long-term asset Must be sold within one month. Is a current asset is classified with investments on the balance sheet. Giorgio had cost of goods sold of $9.433 million, ending Inventory of $2,101 million, and average inventory of $1,977 million. Its inventory turnover equals: ! Multiple Choice o o o 76.5 days Oo22 o Sales $411,000 cost of goods sold: Beginning inventory $133,500 Cost of goods purchased 274,000 Cost of goods available for sale 407,500 Ending inventory 145,000 cost of goods sold 262.500 Gross profit $148.500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $21000. Given this information, the correct gross profit would be Multiple Choice 0 $140.500 0 $127.500 0 $148,500 0 $12.500 0 $159,500