Spencer Co. has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expenses, $207 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $98. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash Over and Short for $98 O Credit to Inventory for $207. O Debit to Cash Over and Short for $98 0 Credit to Cash for $302. O Debit to Petty Cash for $400. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,400 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice 2,400 Allowance for Doubtful Accounts Bad debts expense 2.40 Cash Accounts Receivable-A. Hopkins 2,400 o Accountsebes expens 2.400 Accounts Receivable-A. Hopkins Bad debts expense Cash Accounts Receivable-A. Hopkins 2,400) 2,400 2.400 2.400 2,400 Allowance for Doubtful Accounts Accounts Receivable-A. Hopkins 2.400 2,400 Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts The principles of internal control include: Multiple Choice Use only computerized systems. Bond all employees Separate recordkeeping from custody of assets. Require automated sales systems. Maintain minimal records A company purchased a delivery van for $28,400 with a salvage value of $3,900 on September 1, Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1? Multiple Choice O $1893. O $5.680 O $1225 O $1633 O 54.900 Spencer Co. has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expenses, $207 for merchandise inventory, and $32 for miscellaneous expenses. The fund has a balance of $98. The journal entry to record the reimbursement of the account includes a: Multiple Choice Credit to Cash Over and Short for $98 O Credit to Inventory for $207. O Debit to Cash Over and Short for $98 0 Credit to Cash for $302. O Debit to Petty Cash for $400. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,400 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice 2,400 Allowance for Doubtful Accounts Bad debts expense 2.40 Cash Accounts Receivable-A. Hopkins 2,400 o Accountsebes expens 2.400 Accounts Receivable-A. Hopkins Bad debts expense Cash Accounts Receivable-A. Hopkins 2,400) 2,400 2.400 2.400 2,400 Allowance for Doubtful Accounts Accounts Receivable-A. Hopkins 2.400 2,400 Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts The principles of internal control include: Multiple Choice Use only computerized systems. Bond all employees Separate recordkeeping from custody of assets. Require automated sales systems. Maintain minimal records A company purchased a delivery van for $28,400 with a salvage value of $3,900 on September 1, Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1? Multiple Choice O $1893. O $5.680 O $1225 O $1633 O 54.900
