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Boulder Co. uses the accrual basis of accounting. Boulder Co. receives cash from customers in October for services to be performed in December. Which of
Boulder Co. uses the accrual basis of accounting. Boulder Co. receives cash from customers in October for services to be performed in December. Which of the following is true? a. Boulder Co. should record revenue in October. b. Boulder Co. should record revenue in December c. Boulder Co. should record the receipt of cash in December d. None of the answers listed. Question 16 2 pts B. Hallonon shows a balance in her Cash account of $360, but the bank statement just received shows a balance of $460. The difference of $100 may be caused by a. an NSF check for $100. b. an outstanding check for $100. c. a debit memo for $100 d. a deposit in transit of $100. e. interest income of $50. Two bank statement amounts that require journal entries are a. collection of a note receivable and deposits in transit. b. bank service charges and an NSF check. c. outstanding checks and an error in recording a check. d. deposits in transit and bank service charges. e. deposits in transit and outstanding checks. > Question 18 2 pts At the end of the day, $443 in cash is in the register, and the amount of the Change Fund is $100. If the cash register tape indicates $345, which of the following journal entries should be made? a. Debit Cash, $345; credit Sales, $345 b. Debit Cash, $443; credit Sales, $443 c. Debit Cash, $443; credit Cash Short and Over $98; credit Sales, $345 d. Debit Cash, $343; debit Change Fund, $100; credit Sales, $443 e. Debit Cash, $343: debit Cash Short and Over $2: credit Sales $345
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