Accounting Obj 5

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

Bank Statement Balance - $1,600.00

Outstanding check - Number 244, $60.00

Outstanding check - Number 250, $50.00

Bank Service Charge - $2.50

Outstanding deposit - March 30, $200.00

Checkbook balance on check stub Number 251 - $1,692.50

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. Reviewing the following information obtained from the bank statement and from the records of the business.

Bank Statement Balance - $3,425.00

Outstanding check - Number 290, $187.50

Outstanding check - Number 294, $67.50

Bank Service Charge - $4.50

Outstanding Deposit - November 29, $300

Outstanding Deposit - November 30, $400

Checkbook balance on check stub Number 296 - $3,874.50

Based on the information provided, what is the adjusted checkbook balance?

• $3,420.50

• $3,870.00

• $3,879.00

• $4,319.50

On July 31, 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

Bank Statement Balance - $1,350.00

Outstanding check - Number 250, $95.00

Outstanding check - Number 251, $175.00

Bank Service Charge - $5.00

Outstanding deposit - July 30, $250.00

Checkbook balance on check stub Number 252 - $1,335.00

Based on the information provided, what is the adjusted bank balance?

• $830.00

• $1,330.00

• 1,370.00

• $1,600.00

On August 31, 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

Bank Statement Balance - $1,485.00

Outstanding check - Number 347, $55.00

Outstanding check - Number 352, $28.00

Bank Service Charge - $3.75

Outstanding Deposit - August 30, $50.00

Checkbook balance on check stub Number 354 - $1,468.00

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

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.

Bank statement balance - $1,329.00

Outstanding check - Number 123, $80.00

Outstanding check - Number 125, $75.00

Bank service charge - $3.00

Outstanding deposit - October 28, $300.00

Checkbook balance on check stub Number 126 - $1,477.00

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

On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55. The bank charged a service fee of $25. The correct journal entry to record the dishonored check is:

• debit Accounts Receivable/Hickory Hosiery, $55, Bank Service Charge, $25; credit Cash, $80

• debit Accounts Receivable/Hickory Hosiery, $80; credit Bank Service Charge, $25, Cash, $55

• debit Accounts Receivable/Hickory Hosiery, $80; credit Cash, $80

• debit Cash, $80; credit Accounts Receivable/Hickory Hosiery, $80

Mayberry Ice cream Shoppe has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. The federal unemployment tax rate is 0.8%. In this scenario, once the employer matches the contribution, what is the Social Security Tax Payable for the pay period?

• $46.50

• $93.00

• $114.75

• $186.00

Mayberry Ice Cream Shoppe has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. The federal unemployment tax rate is 0.8%. In this scenario, after the employer contribution, what is the Medicare Tax Payable for the pay period?

• $21.75

• $43.50

• $80.00

• $93.00

Carson's Candy Shoppe has $2,000 in gross payroll, $124 in Social Security withholding, $29 in Medicare withholding, $500 in federal income tax withholding, and $100 in state income tax withholding. When the employer matches the employee contribution, what is the Social Security Tax Payable amount for the pay period?

• $29.00

• $100

• $248

• $500

Sneaker's Grill pays its employees weekly. The table below provides information on two employees of the business. Taxes are withholding based on the percentages below.

Social Security Withholding: 6.20%

Medicare Withholding: 1.45%

Federal Income Tax Withholding: Tax Withholding Tables

State Income Tax Withholding: 6.50%

Sally Smith, Married, 0 Allowances, Gross Pay $425.00

Kevin Coffey, Single, 1 Allowance, Gross Pay $600.00

What is the Social Security withholding for Kevin?

• $26.35

• $37.00

• $37.20

• $372.00