TB MC Qu. 06-144 (Algo) Havermill Company establishes... 6 Havermill Company establishes a $400 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $88 for Repairs Expense, $167 for merchandise Inventory, and $37 for miscellaneous expenses. The fund has a balance of $108. On October 1, the accountant determines that the fund should be Increased by $80. The Journal entry to record the reimbursement of the fund on September 30 Includes a: points Multiple Choice eBook Print Debit to Repairs Expense for $88. References O Credit to Merchandise Inventory for $167. O O Credit to Cash for $400. Debit Petty Cash for $292 O Credit to Cash for $108. TB MC Qu. 06-123 (Algo) During the month of July,... 7 During the month of July, Clanton Industries issued a check in the amount of $934 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should: 1 points Multiple Choice eBook Deduct the check amount from the book balance of cash. Print References Add the check amount to the book balance of cash. Deduct the check amount from the bank balance Add the check amount to the bank balance. Make a journal entry in the company records for an error. 00 1 points The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 9,419 Accounts receivable 75,422 Merchandise inventories 65,362 Prepaid expenses 5,100 Accounts payable $ 15,95 Notes payable 91,638 Other current liabilities 10,500 If net sales for the current year were $606.500, the firm's days' sales uncollected for the year is: (Use 365 days a year.) eBook Print Reference: Multiple Choice O 65.9 days 39.3 days 45.4 days O 157.4 days 76.0 days TB MC Qu. 06-89 (Algo) A company had net sales... 9 Points A company had net sales of $30,600 and accounts receivable of $3,600 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) 1 points Multiple Choice eBook O 34.94 days. Print References 42.94 days 58.24 days O O 54.14 days O 8.50 days. Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $14.662. Franklin's August bank statement shows a $15.437 balance in the bank. Determine the adjusted cash balance using the following information: 10 Deposit in transit Outstanding checks Bank service fees, not yet recorded by company The bank collected on a note receivable, not yet recorded by the company $ 4,950 $ 4,200 $ 65 $ 1,590 1 points The adjusted cash balance should be: eBook Multiple Choice * Print References O $20,387 O $11.237 d $16.252 $14.597 O O $16.187
