Cash balance per books, 5/31 the following reconciling information in preparing

Question

Cash balance per books, 5/31 the following reconciling information in preparing its May bank reconciliation: ts in transit Notes receivable and interest collcted by bank $4,500 Bank charge for check printing Outstanding checks NSF check 650 40 2.400 140 The adjusted cash balance per books on May 31 is a. $4,970 b. $8,105 c. $3,295 d. $5,120 43. If a company forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show: a. Assets and equity both understated b. Assets overstated and equity understated c. Assets, net income and equity overstated d. Assets, net income and equity understated e. Assets overstated, net income understated and equity overstated 44. At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $760. During the year, $120 of previously written-off accounts were reinstated and accounts totaling $740 are written-off as uncollectible. The end of the year balance (before adjustment) in the Allowance for Doubtful Accounts should be a. $740 b. $120 c. $760 d. $140 the 8% sales tax, the for $1.695·60cash and this amount already include revenue recorded on the sale will be how much? a. $1,559.95 b. $1,570.00 c. $1,831.25 d. $1,695.60 journal as $430. This by a company for $340 in payment of a liability was recorded in the A check drawn item would be included on the bank reconciliation a. ded b. addition to the balance s c. addition to the balance per the bank statement d. deduction -46. as a(n) uction from the balance per the bank statement per the company's records from the balance per the company's records Under the direct write-off method of a. at the end of each accounting periocd. b. whenever a pre-determined amount of credit sales have been made. c. when a credit sale is past due. d. when an account is determined to be worthless. accounting for uncollectible accounts, Bad Debts Expense is debited 47. _ Page 9 wWW.ACCOUNTINGENTRANCEEXAM.COM

Explanation / Answer

43) option c) Assets,net income and equity overstated 44) Allowance for Doubtful accounts written off 740 beg bal 760 reinstated 120 Bal 140 option d) $140 45) 1695.60/108*100 1570 option b) $1,570 46) option b) Addittion to the balance per the company's record 47) option d) when an account is determined to be worthless

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