Question
At the end of the day, the cash register tape shows $1,080 in cash sales, but the count of cash in the register is $1,110.
At the end of the day, the cash register tape shows $1,080 in cash sales, but the count of cash in the register is $1,110. The proper entry to account for this excess is:
Multiple Choice
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Debit Cash $1,080; credit Sales $1,080.
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Debit Cash $1,110; credit Sales $1,110.
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Debit Cash $1,110; credit Sales $1,080; credit Cash Over and Short $30.
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Debit Cash $1,080; debit Cash Over and Short for $30; credit Sales $1,110.
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Debit Cash Over and Short $30; credit Cash $30.
On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $98,000; Allowance for Doubtful Accounts, credit balance of $1,041. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?
Multiple Choice
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$1,041.
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$3,859.
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$2,967.
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$5,941.
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$4,900.
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,088. The FICA tax for social security is 6.2% of the first $132,900 of employee earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,507.97. Her net pay for the month is: (Round your intermediate calculations to two decimal places.)
Multiple Choice
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$7,775.96
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$6,450.79
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$6,884.79
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$7,016.57
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$6,828.79
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