Accounting I Unit 5 Review

On March 31 of the current year, Avery Company received a bank statement dated March 30. Review the following information obtained from the bank statement and from the records of the business. Based on this information, the journal entry to record the bank service charge is:

• debit Transaction Fee, $2.50; credit Cash, $2.50.
• debit Cash, $2.50; credit Transaction Fee, $2.50.
• debit Cash, $2.50; credit Miscellaneous Expense, $2.50.
• debit Miscellaneous Expense, $2.50; credit Cash, $2.50.

On December 3, Union Manufacturing Company received a bank statement dated November 30. Review the following information obtained from the bank statement and from the records of the business. Based on the information provided, what is the adjusted checkbook balance?

• $3420.50

• $3870

• $3879

• $4319.50

On August 31 of the current year, Brunswick Builders received a bank statement dated August 30. Review the following information obtained from the bank statement and from the records of the business. Assuming that the bank balance is correct, does the bank statement reconcile?

• No, the adjusted checkbook balance is $53.75 too low.
• No, the adjusted checkbook balance is $12.25 too high.
• Yes, the adjusted checkbook balance and the adjusted bank balance agree.
• Yes, the adjusted checkbook balance is more than the adjusted bank balance.

Sneaker's Grill pays its employees weekly. The table below provides information on two employees of the business. Taxes are withheld based on the percentages below. What is the Social Security withholding for Kevin?

• $26.35

• $37

• $37.20

• $372

On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30. Review the following information obtained from the bank statement and from the records of the business. Based on the information provided, what is the adjusted bank balance?

• 830
• 1330
• 1370
• 1600

On October 29 of the current year, McDowell Company received a bank statement dated October 28. Review the following information obtained from the bank statement and from the records of the business. Based on this information, the journal entry to record the bank service charge is:

• debit Transaction Fee, $3.00; credit Cash, $3.00.
• debit Cash, $3.00; credit Transaction Fee $3.00.
• debit Cash, $3.00; credit Miscellaneous Expense, $3.00.
• debit Miscellaneous Expense, $3.00; credit Cash, $3.00.

Sneaker’s Grill pays its employees weekly. Taxes are withheld based on the following percentages. What is the state income tax withholding for Sally?

• 2.76
• 27.63
• 39
• 276.25

Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?

• 426.75
• 300
• 173.25
• 126.75

On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30. The following information is obtained from the bank statement and from the records of the business. Based on this information, does the bank statement reconcile?

• No, the adjusted checkbook balance is $30.00 too low.
• No, the adjusted checkbook balance is $115.00 too high.
• Yes, the adjusted checkbook balance and the adjusted bank balance agree.
• Yes, the adjusted checkbook balance is more than the adjusted bank balance.

On February 28 of the current year, Yancey Company received a bank statement dated February 27. Review the following information obtained from the bank statement and from the records of the business. The accountant at Yancey Company is unable to reconcile the bank statement. Based on this information, what is the adjusted bank balance?

• 2800
• 3173
• 3869.5
• 4010