the Juthe heppnciliation of the June bank statement, a deposit made on June 30 d
ID: 2573633 • Letter: T
Question
the Juthe heppnciliation of the June bank statement, a deposit made on June 30 did not appear su 9. In the A. subtracted from the unadjusted book balance. tatement. In preparing the bank reconeiliation, this deposit in transit should be B. added to the unadjusted bank balance. subtracted from the unadjusted bank balance D. added to the unadjusted book balance 30 units of inventory at S50 10. Excel Inc, uses perpetual inventory system. When Excel buys A. Purchases and Cash B. Purchases and Accounts Payable C. Inventory and Cash D. Inventory and Accounts Payable unit on account. Which accounts get involved in Excel's journal I1. The following entry is taken from the journal of a merchandising company: Cost of Goods Sold Merchandise Inventory 6,000 What is the effect of this entry on the accounting equation? A. Assets and equity will decrease. B. Assets will decrease and equity will increase. C. Assets and equity will increase. D. None of these. 12. Trainer Co. had beginning inventory of $400 and ending inventory of S600. Trainer Co. had cost of goods sold amounting to $1,800. Based on this information, Trainer Co. must have purchased inventory amounting to: A. $1,600 B. $2,000 C. $2,800 D. $2,400Explanation / Answer
Ans 9: Option C
Reason: it is a standard format where cheque issued but not cleared is added and deposit made is subtracted.
Ans 10: Option B
Entry : Purchase A/c
To Accounts Payable
Ans 11: Option A
Reason: as inventory is an asset , its credit will reduce the balance and recognition of cost will reduce reserves which are the part of equity account.
Ans 12: Option B
Solu: Purchase= Cost of Goods Sold+Closing Stock-Opening Stock
= $ 1800 +600 -400
= $ 2000
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