EduardoTrevinoACCT2301.03Pre

The ending bank statement balance on March 31 is $8,050. The bank statement shows a service charge of $100, an electronic funds receipt of $550, and an NSF Check for $300. Deposits in Transit total $2,550, and outstanding checks are $2,100. The balance per book on March 31 is $8,350. What is the adjusted balance at March 31?

• 8350

• 8200

• 8500

• 8650

The bank ending balance is 7,500$; there are $ 1,800 deposits in transit and $ 1,000 in outstanding checks. What is the Adjusted balance?

• 4700

• 8300

• 10300

• 6700

Record Journal entry for an EFT received from a customer:

• Debit: accounts payable

  Credit: Cash

• Debit: Accounts Receivable

  Credit: Sales Revenue

• Debit: Cash

  Credit: Sales Revenue

• Debit: cash

  Credit: Accounts Receivable

The book ending balance is 5000$. Quantify the balance after making adjustments for the following unrecorded items: Bank service fee of 100$, interest on notes payable of 1% of 1000$, NSF check fee of 250$, and an EFT check of 300$.

• 4940

• 5660

• 4340

• 4950

The company recently accidentally understated in the books a payment made to suppliers. Which adjusting journal entry would correct the company error?

• Debit: accounts payable

  Credit: cash

• Debit: cash

  Credit: accounts payable

• Debit: cash

  Credit: supplies

• Debit: supplies expense

  Credit: cash

The Fraud Triangle includes all of the following except:

• Incentive

• Corruption

• Opportunity

• Rationalization

(a)   is generally defined as an attempt to deceive others for personal gain.

If there are outstanding checks of $5000, what would be the appropriate reconciliation?

• Add Item to Bank Statement

• Subtract Item from Company's Books

• Add Item to Company's Books

• Subtract Item from Bank Statement

A bank reconciliation is an internal report prepared to verify the accuracy of both the bank statement and the cash accounts of a business or individual.

• True

• False

Company inc. established a $150 petty cash fund on October 1st. What journal entry, if any, is required on October 1st?

• Debit: Cash for $150

  Credit: Petty Cash for $150

• Debit: Petty Cash for $150

  Credit: Cash for $150

• No Journal Entry is Required

• Debit: Cash for $50

  Credit: Petty Cash for $50