1. The April 30, 2020 bank statement for Turner Corporation shows an ending balance of $34,451. The unadjusted cash account balance was $28,350. The accountant for Turner gathered the following information:
2. 1. There was a deposit in transit for $4,240
3. 2. The bank statement reports a service charge of $39
4. 3. A credit memo included in the bank statement shows interest earned of $95
5. 4. Outstanding checks totaled $10,935
6. 5. The bank statement included a $650 NSF check deposited in April
7. What is the true cash balance as of April 30, 2020?
8. a.$31,901
9. b.$27,756
10. c.$31,996
11. d.$27,106

1. Oliver Company's unadjusted book balance at June 30th is $8,800. The company's bank statement reveals bank service charges of $45. Two credit memos are included in the bank statement: one for $900, which represents a collection that the bank made for Oliver, and one for $50, which represents the amount of interest that Oliver had earned on its interest-bearing account in June.The accountant also identifies $200 in outstanding checks.Based on this information, Oliver's true cash balance is:
2. a.$9,705.
3. b.$9,650.
4. c.$9,795.
5. d.$9,505.

1. Gandolf Company established a $250 petty cash fund on January 1, 2020. On March 1, 2020 the fund contained $160 in receipt vouchers for miscellaneous expenses and $88 in cash. The entries necessary toreplenishthe petty cash fund will
2. a.decrease equity by $160.
3. b.increase assets by $250.
4. c.decrease assets by $162.
5. d.increase equity by $162.

1. On January 1, 2020 Grace Company had an $8,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2020, Grace provided $50,000 of service on account. The company collected $48,000 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account.
3. Based on this information, the amount ofcash flowfrom operating activities that would appear on the 2020 statement of cash flows is:
4. a.$50,000.
5. b.$49,700.
6. c.$45,800.
7. d.$48,000.

1. On January 1, 2020 Grace Company had an $8,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2020, Grace provided $50,000 of service on account. The company collected $48,000 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account.
3. The amount of uncollectible accounts expense recognized on the 2020 income statement is:
4. a.$960.
5. b.$160.
6. c.$500.
7. d.$1,000.