Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its card. On May 26,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 5% charge on sales for using its card. On May 26, Brinker had $6,800 in First Savings Bank Card credit sales. What entry should Brinker make on May 26 to record the deposit? Multiple Choice O Debit Cash $7340; credit Credit Card Expense $340; credit Sales 56,800. o O Debit Cash 56,460, debt Credit Card Expense $340, credit Sales $6.800 O Debit Cash 56.800. Credit Sales $6,800. o o O Dub Accounts Receivable 56,460, debit Credit Card Expense $340, credit Sales $6,800. o o Debit Accounts Receivable 56.000, credit Sales $6,000, Mohr Company purchases a machine at the beginning of the year at a cost of $36,000. The machine is depreciated using the double-declining balance method. The machine's useful life is estimated to be 5 years with a $5,000 salvage value. The machine's book value at the end of year 2 is: Multiple Choice S10.200. 518600 $12,00 621600 $4.400 Internal control systems are: Multiple Choice C) Developed by the Small Business Administration for non-public companies. 0 C) Developed by the Securities and Exchange Commission for public companies 0 0 Required only if a company plans to engage in interstate commerce. Developed by the Internal Revenue Service for all U.S.companies. 0 Required by Sarbanes-Oxley (SOX) to be documented and certified if the company's stock is traded on an exchange la public company) 0 Assume that the custodian of a $645 petty cash fund has $127.50 in coins and currency plus $499.50 in receipts at the end of the month. The entry to replenish the petty cash fund will include: Multiple Choice A credit to Cash for $499.50 Adebit to Cash for $482. Adebit to Petty Cash for $499.50. A credit to Cash Over and Short for $518 A debit to Cash Over and Short for $18.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Implementing Database Security And Auditing

Authors: Ron Ben Natan

1st Edition

1555583342, 9781555583347

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago

Question

1-4 How will MIS help my career?

Answered: 1 week ago