Question 1

The monthly bank statement should be received and reconciled by the employee who deposits cash receipts and writes the checks.

Accepted Answer

A) True 
 B)False

Question 2

Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear.  A service charge charged by the bank.

Accepted Answer

A)   Option A
B)   Option B
C)   Option C
D)   Option DE) B) and C)
F) A) and B)

Question 3

Beckett Co.sold merchandise on account for $10,600,terms 2/10,n/30.Freight charges of $250 were prepaid by the seller and added to the invoice.The customer returned $800 of merchandise before making the payment then paid the invoice within the discount period.What is the amount Beckett Co.received?

Accepted Answer

A)   $9,854
B)   $9,604
C)   $9,849
D)   $9,833E) B) and C)
F) A) and B)

Question 4

The individual amounts in the Accounts Payable Debit column of the cash payments journal are posted to the accounts payable subsidiary ledger.

Accepted Answer

A) True 
 B)False

Question 5

Cash Short or Over is an expense account when it has a debit balance.

Accepted Answer

A) True 
 B)False

Question 6

A(n)____________________ is a written promise to pay a specified amount of money at a specified time.

Accepted Answer

The answer of A(n)____________________ is a written promise to pay...

Question 7

To record the payment of a purchase invoice when a cash discount is taken,the accountant would

Accepted Answer

A)   debit Accounts Payable,credit Purchases Discounts,and credit Cash.
B)   debit Accounts Payable,debit Purchases Discounts,and credit Cash.
C)   debit Accounts Payable and credit Cash.
D)   debit Purchases,credit Purchases Discounts,and credit Cash.E) A) and B)
F) All of the above

Question 8

The entry to replenish a petty cash fund includes

Accepted Answer

A)   a debit to Cash and a credit to Petty Cash.
B)   a debit to Petty Cash Fund and a credit to Cash.
C)   debits to various expense accounts and a credit to Petty Cash Fund.
D)   debits to various expense accounts and a credit to Cash.E) B) and D)
F) All of the above

Exam 9: Cash Receipts, Cash Payments, and Banking Procedures

Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. A service charge charged by the bank.

Correct Answer
verified

The monthly bank statement should be received and reconciled by the employee who deposits cash receipts and writes the checks.

Correct Answer
verified

A(n)____________________ is a written promise to pay a specified amount of money at a specified time.

Correct Answer
verified

Beckett Co.sold merchandise on account for $10,600,terms 2/10,n/30.Freight charges of $250 were prepaid by the seller and added to the invoice.The customer returned $800 of merchandise before making the payment then paid the invoice within the discount period.What is the amount Beckett Co.received?

Correct Answer
verified

To record the payment of a purchase invoice when a cash discount is taken,the accountant would

Correct Answer
verified

Cash Short or Over is an expense account when it has a debit balance.

Correct Answer
verified

The entry to replenish a petty cash fund includes

Correct Answer
verified

The individual amounts in the Accounts Payable Debit column of the cash payments journal are posted to the accounts payable subsidiary ledger.

Correct Answer
verified

Exam 9: Cash Receipts, Cash Payments, and Banking Procedures

Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. A service charge charged by the bank.

Correct AnswerverifiedShow Answer

The monthly bank statement should be received and reconciled by the employee who deposits cash receipts and writes the checks.

Correct AnswerverifiedShow Answer

A(n)____________________ is a written promise to pay a specified amount of money at a specified time.

Correct AnswerverifiedShow Answer

Beckett Co.sold merchandise on account for $10,600,terms 2/10,n/30.Freight charges of $250 were prepaid by the seller and added to the invoice.The customer returned $800 of merchandise before making the payment then paid the invoice within the discount period.What is the amount Beckett Co.received?

Correct AnswerverifiedShow Answer

To record the payment of a purchase invoice when a cash discount is taken,the accountant would

Correct AnswerverifiedShow Answer

Cash Short or Over is an expense account when it has a debit balance.

Correct AnswerverifiedShow Answer

The entry to replenish a petty cash fund includes

Correct AnswerverifiedShow Answer

The individual amounts in the Accounts Payable Debit column of the cash payments journal are posted to the accounts payable subsidiary ledger.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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