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Conteste cierto o falso en el espacio provisto en la aseveracin. Para las respuestas falsaa debe ofrecer una breve explicacin pata obtener los puntos completos. 20 temes - 2 puntos cada uno. Total 40 puntos. 1. Cash o efectivo es el activo corriente ms lquido. 2. Los cheques son considerados una forma o manera del efectivo o cash. 3. Los cheques apostatados son ms una inversin a corto plazo, que cash. 4. Si usted compra sellos del correo por adelantado, estos se pueden considerar como un activo corriente. 5. Uno de los usos del Petty Cash, es para cubrir costos y gastos extraordinarios desde el punto de vista contables. 6. Los Money Markets Funds son clasificados como Cash o efectivo. 7. Equivalentes de Cash incluyen inversiones de mucha liquidez, por su facilidad de convertirse en efectivo. 8. Los Treasury Bills son inversiones a largo plazo. 9. Un Cash restringido puede ser para atender y cubrir las nminas. 10. Los sobregiros bancarios siempre se clasifican como deudas a corto plazo o corrientes. 11. Los balances compensatorios son considerados como cuentas por cobrar, resultantes de transacciones bancarias. 12. Los Receivables no son considerados como activos financieros. 13. Todas las cuentas por cobrar son consideradas como activos corrientes. 14. Notes Receivables son considerados activos corrientes. 15. Los Receivables no sirven o se puede usar como colaterales en prstamos bancarios. 16. Los Receivables mercantiles provienen de las operaciones normales de un negocio. 17. Los Non Trade Receivables incluyen reclamaciones a Empresas de Seguros por eventos ocurridos no recurrentes e imprevistos. 18. La Provisin para las cuentas pro cobrar (Allowances for Bad Debts) se comportan aumentando por el dbito. 19. Para eliminar una cuenta por cobrar de los libros contables, basta que el cliente no pueda pagar con justificacin o haya fallecido. 20. 2/10,n/30 es una oferta de descuento en efectivo de las cuentas por cobrar, para acelerar los cobros como estrategia del manejo de efectivo. Ejercicio I. 20 puntos. 5 por cada transaccin. Castillo Inc. Presenta en su Estado de Situacin - Balance Shect parcial la informacin siguiente: Accounts Receivables - Trade. Balance - \$637,350; Allowances for Uncollectibles - \$60,550; Notes Receivables $126,000. Total $702,800. Transacciones relacionadas para el 2020: Jornalice en el espacio previsto. Muestre clculos. 1. De los Accounts Receivables - Trade en circulacin $483,000 fueron cobrados. De esta cantidad, $210,000 se acogieron a 2/10,n/30. Se honr el descuento. Haga la(s) entrada (s) de jornal necesarias. 2. Durante el mes de noviembre del 2022 se acord eliminar de los libros contables al cliente de Mengano de Tal por $25,000 de los Accounts Receivables - Trade. Un mes despus Mengano de Tal pag los $25,000. Realice la entrada para la eliminacin y las necesarias para reestablecerla y realizar y anotar el pago del cliente 3. Se eliminaron nuevamente otros $61,250 de los Accounts Receivables - Trade previa autorizacin del jefe de contabilidad por varios clientes. Estos son: J oe Doe $11,250, Mary Doe $25,000 y Bob Doe el remanente. Anote en el jornal la(s) entrad(s) necesarias. 4. Al final del ao, Castillo entiende necesario el Allowances for Uncollectibles sea de $70,000. Recomiendo use cuenta T. Anote en el jornal la(s) entrad(s) necesarias. Ejercicio 2. Total 40 puntos. 30 puntos para la reconciliacin y 10 para las entradas. Puede aadir espacio de necesitarlo. Reconciliacin bancaria y entradas necesarias para Castillo Inc.; para el mes de julio del 2022. Datos: Relacionados con el BPPR 1. Balance en el banco al 30 de junio $30,691.50 2. Depsitos reconocidos $98,000 3. Cobros por el banco para Castillo $3,255. De esta cantidad, $105 representan los intereses ganados en la nota para Castillo. 4. Cheques pagados en total $109,025. 5. Cargos bancarios $94.50 6. Debe calcular el balance al 31 de julio del banco, con los datos dados. Punto de partida. Datos De Castillo 1. Balance al 30 de junio segn libros $30,975. 2. Depsitos durante junio $108,500 3. Cheques hechos durante junio $111,422.50 Otra informacin: 1. Depsitos en trnsito julio $10,500 2. Cheques en circulacin $2,975. 3. Efectivo a la mano a $861.00 Requerido 1. Prepare la reconciliacin bancaria, en el espacio previsto 2. Entradas de jornal necesarias en el espacio previsto. Requerido 1. Requerido: 1. Haga la entrada de Journal para estimar las "Bad Debts" asumiendo que la provisin para las cuentas incobrables basadas en; a. Un 4% de las Cuentas Por Cobrar Brutas (Gross Accounts Receivables). Y b. Un 5% de las Cuentas Por Cobrar (Gross Accounts Receivables) y un balance de $3,400 en la cuenta: Provisin para las cuentas Incobrables Allowances for Uncollectible. Reauerido 1 a v b Puede aadir esnacio de ser necesario. 10 nuntos. Answer true or false in the space provided in the statement. For false answers you must offer a brief explanation 1. Cash is the most liquid current asset. 2. Checks are considered a form or form of cash or cash. 3. Betrayed checks are more of a short-term investment than cash. 4. If you buy postage stamps in advance, they can be considered a current asset. 5. One of the uses of Petty Cash is to cover extraordinary costs and expenses from an accounting point of view. 6. Money Markets Funds are classified as Cash. 7. Cash equivalents include highly liquid investments, due to their ease of conversion into cash. 8. Treasury Bills are long-term investments. 9. A restricted Cash can be to attend and cover payroll. 10. Bank overdrafts are always classified as current or short-term debt. 11. The compensatory balances are considered as accounts receivable, resulting from bank transactions. 12. Receivables are not considered as financial assets. 13. All accounts receivable are considered as current assets. 14. Notes Receivables are considered current assets. 15. Receivables do not serve or can be used as collateral in bank loans. 16. Commercial receivables come from the normal operations of a business. 17. Non-Trade Receivables include claims to Insurance Companies for non-recurring and unforeseen events. 18. The Provision for accounts receivable (Allowances for Bad Debts) behaves increasing due to the debit. 19. To eliminate an account receivable from the accounting books, it is enough that the client cannot pay with justification or has died. 20. 2/10,n/30 is an account receivable cash discount offer to speed up collections as a cash management strategy. PROBLEM \#2 Castillo Inc. Presents the following information in its Statement of Situation - Partial Balance Sheet: Accounts Receivables - Trade. Balance - $637,350; Allowances for Uncollectibles $60,550; Receivable Notes $126,000. Total $702,800. Related transactions for 2020 : Journalize in the space provided. 1. Of the Accounts Receivables - Trade in circulation $483,000 were collected. Of this amount, $210,000 was filed on 2/10,n/30. The discount was honored. Make the necessary wage entry(s). 2. During the month of November 2022, it was agreed to remove Mengano de Tal's client from the accounting books for $25,000 of the Accounts Receivables - Trade. A month later, Mengano de Tal paid the $25,000. Make entries for deletion and those necessary to restore it and make and record customer payment 3. Another $61,250 of the Accounts Receivables - Trade was eliminated once again with prior authorization from the head of accounting for several clients. These are: Joe Doe $11,250, Mary Doe $25,000 and Bob Doe the remainder. Make a note of the required entruicl in the inurnal 4. At the end of the year, Castillo understands that the Allowances for Uncollectibles must be $70,000. I recommend using a T account. Write down the necessary entry(s) in the PROBLEM \#3 Required for the next exercise: 1. Prepare the bank reconciliation, in the space provided 2. Necessary wage entries in the space provided Bank reconciliation and necessary entries for Castillo Inc.; for the month of July 2022. Data: Related to the Bank 1. Balance in the bank as of June 30$30,691.50 2. Recognized deposits $98,000 3. Collections by the bank for Castillo $3,255. Of this amount, $105 represents the interest earned on the note to Castillo. 4. Checks paid totaling $109,025. 5. Bank charges $94.50 6. You must calculate the balance as of July 31 of the bank, with the given data. Point. Data: Related to Castillo 1. Balance as of June 30 according to books $30,975. 2. Deposits during June $108,500 3. Checks made during June $111,422.50 Other Information 1. Deposits in transit July $10,500 2. Checks in circulation $2,975. 3. Cash on hand at $861.00 Required: 1. Make Journal entry to estimate Bad Debts assuming allowance for bad debts based on; a. 4% of the Gross Accounts Receivable (Gross Accounts Receivables). Y b. 5% of the Accounts Receivable (Gross Accounts Receivables) and a balance of $3,400 in the account: Provision for Bad Accounts Allowances for Uncollectible. Answer true or false in the space provided in the statement. For false answers you must offer a brief explanation 1. Cash is the most liquid current asset. 2. Checks are considered a form or form of cash or cash. 3. Betrayed checks are more of a short-term investment than cash. 4. If you buy postage stamps in advance, they can be considered a current asset. 5. One of the uses of Petty Cash is to cover extraordinary costs and expenses from an accounting point of view. 6. Money Markets Funds are classified as Cash. 7. Cash equivalents include highly liquid investments, due to their ease of conversion into cash. 8. Treasury Bills are long-term investments. 9. A restricted Cash can be to attend and cover payroll. 10. Bank overdrafts are always classified as current or short-term debt. 11. The compensatory balances are considered as accounts receivable, resulting from bank transactions. 12. Receivables are not considered as financial assets. 13. All accounts receivable are considered as current assets. 14. Notes Receivables are considered current assets. 15. Receivables do not serve or can be used as collateral in bank loans. 16. Commercial receivables come from the normal operations of a business. 17. Non-Trade Receivables include claims to Insurance Companies for non-recurring and unforeseen events. 18. The Provision for accounts receivable (Allowances for Bad Debts) behaves increasing due to the debit. 19. To eliminate an account receivable from the accounting books, it is enough that the client cannot pay with justification or has died. 20. 2/10,n/30 is an account receivable cash discount offer to speed up collections as a cash management strategy. PROBLEM \#2 Castillo Inc. Presents the following information in its Statement of Situation - Partial Balance Sheet: Accounts Receivables - Trade. Balance - $637,350; Allowances for Uncollectibles $60,550; Receivable Notes $126,000. Total $702,800. Related transactions for 2020 : Journalize in the space provided. 1. Of the Accounts Receivables - Trade in circulation $483,000 were collected. Of this amount, $210,000 was filed on 2/10,n/30. The discount was honored. Make the necessary wage entry(s). 2. During the month of November 2022, it was agreed to remove Mengano de Tal's client from the accounting books for $25,000 of the Accounts Receivables - Trade. A month later, Mengano de Tal paid the $25,000. Make entries for deletion and those necessary to restore it and make and record customer payment 3. Another $61,250 of the Accounts Receivables - Trade was eliminated once again with prior authorization from the head of accounting for several clients. These are: Joe Doe $11,250, Mary Doe $25,000 and Bob Doe the remainder. Make a note of the required entruicl in the inurnal 4. At the end of the year, Castillo understands that the Allowances for Uncollectibles must be $70,000. I recommend using a T account. Write down the necessary entry(s) in the PROBLEM \#3 Required for the next exercise: 1. Prepare the bank reconciliation, in the space provided 2. Necessary wage entries in the space provided Bank reconciliation and necessary entries for Castillo Inc.; for the month of July 2022. Data: Related to the Bank 1. Balance in the bank as of June 30$30,691.50 2. Recognized deposits $98,000 3. Collections by the bank for Castillo $3,255. Of this amount, $105 represents the interest earned on the note to Castillo. 4. Checks paid totaling $109,025. 5. Bank charges $94.50 6. You must calculate the balance as of July 31 of the bank, with the given data. Point. Data: Related to Castillo 1. Balance as of June 30 according to books $30,975. 2. Deposits during June $108,500 3. Checks made during June $111,422.50 Other Information 1. Deposits in transit July $10,500 2. Checks in circulation $2,975. 3. Cash on hand at $861.00 Required: 1. Make Journal entry to estimate Bad Debts assuming allowance for bad debts based on; a. 4% of the Gross Accounts Receivable (Gross Accounts Receivables). Y b. 5% of the Accounts Receivable (Gross Accounts Receivables) and a balance of $3,400 in the account: Provision for Bad Accounts Allowances for Uncollectible. Conteste cierto o falso en el espacio provisto en la aseveracin. Para las respuestas falsaa debe ofrecer una breve explicacin pata obtener los puntos completos. 20 temes - 2 puntos cada uno. Total 40 puntos. 1. Cash o efectivo es el activo corriente ms lquido. 2. Los cheques son considerados una forma o manera del efectivo o cash. 3. Los cheques apostatados son ms una inversin a corto plazo, que cash. 4. Si usted compra sellos del correo por adelantado, estos se pueden considerar como un activo corriente. 5. Uno de los usos del Petty Cash, es para cubrir costos y gastos extraordinarios desde el punto de vista contables. 6. Los Money Markets Funds son clasificados como Cash o efectivo. 7. Equivalentes de Cash incluyen inversiones de mucha liquidez, por su facilidad de convertirse en efectivo. 8. Los Treasury Bills son inversiones a largo plazo. 9. Un Cash restringido puede ser para atender y cubrir las nminas. 10. Los sobregiros bancarios siempre se clasifican como deudas a corto plazo o corrientes. 11. Los balances compensatorios son considerados como cuentas por cobrar, resultantes de transacciones bancarias. 12. Los Receivables no son considerados como activos financieros. 13. Todas las cuentas por cobrar son consideradas como activos corrientes. 14. Notes Receivables son considerados activos corrientes. 15. Los Receivables no sirven o se puede usar como colaterales en prstamos bancarios. 16. Los Receivables mercantiles provienen de las operaciones normales de un negocio. 17. Los Non Trade Receivables incluyen reclamaciones a Empresas de Seguros por eventos ocurridos no recurrentes e imprevistos. 18. La Provisin para las cuentas pro cobrar (Allowances for Bad Debts) se comportan aumentando por el dbito. 19. Para eliminar una cuenta por cobrar de los libros contables, basta que el cliente no pueda pagar con justificacin o haya fallecido. 20. 2/10,n/30 es una oferta de descuento en efectivo de las cuentas por cobrar, para acelerar los cobros como estrategia del manejo de efectivo. Ejercicio I. 20 puntos. 5 por cada transaccin. Castillo Inc. Presenta en su Estado de Situacin - Balance Shect parcial la informacin siguiente: Accounts Receivables - Trade. Balance - \$637,350; Allowances for Uncollectibles - \$60,550; Notes Receivables $126,000. Total $702,800. Transacciones relacionadas para el 2020: Jornalice en el espacio previsto. Muestre clculos. 1. De los Accounts Receivables - Trade en circulacin $483,000 fueron cobrados. De esta cantidad, $210,000 se acogieron a 2/10,n/30. Se honr el descuento. Haga la(s) entrada (s) de jornal necesarias. 2. Durante el mes de noviembre del 2022 se acord eliminar de los libros contables al cliente de Mengano de Tal por $25,000 de los Accounts Receivables - Trade. Un mes despus Mengano de Tal pag los $25,000. Realice la entrada para la eliminacin y las necesarias para reestablecerla y realizar y anotar el pago del cliente 3. Se eliminaron nuevamente otros $61,250 de los Accounts Receivables - Trade previa autorizacin del jefe de contabilidad por varios clientes. Estos son: J oe Doe $11,250, Mary Doe $25,000 y Bob Doe el remanente. Anote en el jornal la(s) entrad(s) necesarias. 4. Al final del ao, Castillo entiende necesario el Allowances for Uncollectibles sea de $70,000. Recomiendo use cuenta T. Anote en el jornal la(s) entrad(s) necesarias. Ejercicio 2. Total 40 puntos. 30 puntos para la reconciliacin y 10 para las entradas. Puede aadir espacio de necesitarlo. Reconciliacin bancaria y entradas necesarias para Castillo Inc.; para el mes de julio del 2022. Datos: Relacionados con el BPPR 1. Balance en el banco al 30 de junio $30,691.50 2. Depsitos reconocidos $98,000 3. Cobros por el banco para Castillo $3,255. De esta cantidad, $105 representan los intereses ganados en la nota para Castillo. 4. Cheques pagados en total $109,025. 5. Cargos bancarios $94.50 6. Debe calcular el balance al 31 de julio del banco, con los datos dados. Punto de partida. Datos De Castillo 1. Balance al 30 de junio segn libros $30,975. 2. Depsitos durante junio $108,500 3. Cheques hechos durante junio $111,422.50 Otra informacin: 1. Depsitos en trnsito julio $10,500 2. Cheques en circulacin $2,975. 3. Efectivo a la mano a $861.00 Requerido 1. Prepare la reconciliacin bancaria, en el espacio previsto 2. Entradas de jornal necesarias en el espacio previsto. Requerido 1. Requerido: 1. Haga la entrada de Journal para estimar las "Bad Debts" asumiendo que la provisin para las cuentas incobrables basadas en; a. Un 4% de las Cuentas Por Cobrar Brutas (Gross Accounts Receivables). Y b. Un 5% de las Cuentas Por Cobrar (Gross Accounts Receivables) y un balance de $3,400 en la cuenta: Provisin para las cuentas Incobrables Allowances for Uncollectible. Reauerido 1 a v b Puede aadir esnacio de ser necesario. 10 nuntos. Answer true or false in the space provided in the statement. For false answers you must offer a brief explanation 1. Cash is the most liquid current asset. 2. Checks are considered a form or form of cash or cash. 3. Betrayed checks are more of a short-term investment than cash. 4. If you buy postage stamps in advance, they can be considered a current asset. 5. One of the uses of Petty Cash is to cover extraordinary costs and expenses from an accounting point of view. 6. Money Markets Funds are classified as Cash. 7. Cash equivalents include highly liquid investments, due to their ease of conversion into cash. 8. Treasury Bills are long-term investments. 9. A restricted Cash can be to attend and cover payroll. 10. Bank overdrafts are always classified as current or short-term debt. 11. The compensatory balances are considered as accounts receivable, resulting from bank transactions. 12. Receivables are not considered as financial assets. 13. All accounts receivable are considered as current assets. 14. Notes Receivables are considered current assets. 15. Receivables do not serve or can be used as collateral in bank loans. 16. Commercial receivables come from the normal operations of a business. 17. Non-Trade Receivables include claims to Insurance Companies for non-recurring and unforeseen events. 18. The Provision for accounts receivable (Allowances for Bad Debts) behaves increasing due to the debit. 19. To eliminate an account receivable from the accounting books, it is enough that the client cannot pay with justification or has died. 20. 2/10,n/30 is an account receivable cash discount offer to speed up collections as a cash management strategy. PROBLEM \#2 Castillo Inc. Presents the following information in its Statement of Situation - Partial Balance Sheet: Accounts Receivables - Trade. Balance - $637,350; Allowances for Uncollectibles $60,550; Receivable Notes $126,000. Total $702,800. Related transactions for 2020 : Journalize in the space provided. 1. Of the Accounts Receivables - Trade in circulation $483,000 were collected. Of this amount, $210,000 was filed on 2/10,n/30. The discount was honored. Make the necessary wage entry(s). 2. During the month of November 2022, it was agreed to remove Mengano de Tal's client from the accounting books for $25,000 of the Accounts Receivables - Trade. A month later, Mengano de Tal paid the $25,000. Make entries for deletion and those necessary to restore it and make and record customer payment 3. Another $61,250 of the Accounts Receivables - Trade was eliminated once again with prior authorization from the head of accounting for several clients. These are: Joe Doe $11,250, Mary Doe $25,000 and Bob Doe the remainder. Make a note of the required entruicl in the inurnal 4. At the end of the year, Castillo understands that the Allowances for Uncollectibles must be $70,000. I recommend using a T account. Write down the necessary entry(s) in the PROBLEM \#3 Required for the next exercise: 1. Prepare the bank reconciliation, in the space provided 2. Necessary wage entries in the space provided Bank reconciliation and necessary entries for Castillo Inc.; for the month of July 2022. Data: Related to the Bank 1. Balance in the bank as of June 30$30,691.50 2. Recognized deposits $98,000 3. Collections by the bank for Castillo $3,255. Of this amount, $105 represents the interest earned on the note to Castillo. 4. Checks paid totaling $109,025. 5. Bank charges $94.50 6. You must calculate the balance as of July 31 of the bank, with the given data. Point. Data: Related to Castillo 1. Balance as of June 30 according to books $30,975. 2. Deposits during June $108,500 3. Checks made during June $111,422.50 Other Information 1. Deposits in transit July $10,500 2. Checks in circulation $2,975. 3. Cash on hand at $861.00 Required: 1. Make Journal entry to estimate Bad Debts assuming allowance for bad debts based on; a. 4% of the Gross Accounts Receivable (Gross Accounts Receivables). Y b. 5% of the Accounts Receivable (Gross Accounts Receivables) and a balance of $3,400 in the account: Provision for Bad Accounts Allowances for Uncollectible. Answer true or false in the space provided in the statement. For false answers you must offer a brief explanation 1. Cash is the most liquid current asset. 2. Checks are considered a form or form of cash or cash. 3. Betrayed checks are more of a short-term investment than cash. 4. If you buy postage stamps in advance, they can be considered a current asset. 5. One of the uses of Petty Cash is to cover extraordinary costs and expenses from an accounting point of view. 6. Money Markets Funds are classified as Cash. 7. Cash equivalents include highly liquid investments, due to their ease of conversion into cash. 8. Treasury Bills are long-term investments. 9. A restricted Cash can be to attend and cover payroll. 10. Bank overdrafts are always classified as current or short-term debt. 11. The compensatory balances are considered as accounts receivable, resulting from bank transactions. 12. Receivables are not considered as financial assets. 13. All accounts receivable are considered as current assets. 14. Notes Receivables are considered current assets. 15. Receivables do not serve or can be used as collateral in bank loans. 16. Commercial receivables come from the normal operations of a business. 17. Non-Trade Receivables include claims to Insurance Companies for non-recurring and unforeseen events. 18. The Provision for accounts receivable (Allowances for Bad Debts) behaves increasing due to the debit. 19. To eliminate an account receivable from the accounting books, it is enough that the client cannot pay with justification or has died. 20. 2/10,n/30 is an account receivable cash discount offer to speed up collections as a cash management strategy. PROBLEM \#2 Castillo Inc. Presents the following information in its Statement of Situation - Partial Balance Sheet: Accounts Receivables - Trade. Balance - $637,350; Allowances for Uncollectibles $60,550; Receivable Notes $126,000. Total $702,800. Related transactions for 2020 : Journalize in the space provided. 1. Of the Accounts Receivables - Trade in circulation $483,000 were collected. Of this amount, $210,000 was filed on 2/10,n/30. The discount was honored. Make the necessary wage entry(s). 2. During the month of November 2022, it was agreed to remove Mengano de Tal's client from the accounting books for $25,000 of the Accounts Receivables - Trade. A month later, Mengano de Tal paid the $25,000. Make entries for deletion and those necessary to restore it and make and record customer payment 3. Another $61,250 of the Accounts Receivables - Trade was eliminated once again with prior authorization from the head of accounting for several clients. These are: Joe Doe $11,250, Mary Doe $25,000 and Bob Doe the remainder. Make a note of the required entruicl in the inurnal 4. At the end of the year, Castillo understands that the Allowances for Uncollectibles must be $70,000. I recommend using a T account. Write down the necessary entry(s) in the PROBLEM \#3 Required for the next exercise: 1. Prepare the bank reconciliation, in the space provided 2. Necessary wage entries in the space provided Bank reconciliation and necessary entries for Castillo Inc.; for the month of July 2022. Data: Related to the Bank 1. Balance in the bank as of June 30$30,691.50 2. Recognized deposits $98,000 3. Collections by the bank for Castillo $3,255. Of this amount, $105 represents the interest earned on the note to Castillo. 4. Checks paid totaling $109,025. 5. Bank charges $94.50 6. You must calculate the balance as of July 31 of the bank, with the given data. Point. Data: Related to Castillo 1. Balance as of June 30 according to books $30,975. 2. Deposits during June $108,500 3. Checks made during June $111,422.50 Other Information 1. Deposits in transit July $10,500 2. Checks in circulation $2,975. 3. Cash on hand at $861.00 Required: 1. Make Journal entry to estimate Bad Debts assuming allowance for bad debts based on; a. 4% of the Gross Accounts Receivable (Gross Accounts Receivables). Y b. 5% of the Accounts Receivable (Gross Accounts Receivables) and a balance of $3,400 in the account: Provision for Bad Accounts Allowances for Uncollectible