ACC 291T Assignment Week 3 Practice: Connect® Knowledge Check

ACC 291T Assignment Week 3 Practice: Connect® Knowledge Check

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ACC 291T ASSIGNMENT Week 3 Practice: Connect® Knowledge Check

 

Complete the Week 3 Knowledge Check in Connect®.

 

Note: You have unlimited attempts available to complete this practice Assignment. The highest scored attempt will be recorded.

 

These Assignments have earlier due dates, so plan accordingly.

 

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

 

The bank statement did not show a check for $630 that was written and recorded by the company during the month. The journal entry needed for this reconciling item includes:

 

Multiple Choice

 

 

a credit to Accounts Payable.

 

 

no journal entry is required for the reconciling item.

 

 

a debit to cash.

 

 

a credit to Cash.

 

Included with its bank statement a firm may receive a credit memorandum, which could indicate

 

Multiple Choice

 

 

a fee for printing new business checks.

 

 

a bank service charge deducted from the firm’s account balance.

 

 

an addition to the firm’s account balance because the bank collected the amount due on a promissory note from a customer of the firm.

 

 

the bank’s return of a dishonored (NSF) check that was issued by a credit customer of the firm.

 

A firm appropriately wrote a check for $78 but entered the amount as payment of $87 in its records. On a bank reconciliation statement this error would be shown as

 

Multiple Choice

 

 

a deduction of $9 from the book balance.

 

 

an addition of $9 to the book balance.

 

 

a deduction of $9 from the bank statement balance.

 

 

an addition of $9 to the bank statement balance.

 

Which of the following is not a reason why the book balance of cash may not agree with the balance on the bank statement?

 

Multiple Choice

 

 

Outstanding checks

 

 

End of the month

 

 

Service charges and other deductions

 

 

Deposit in transit

 

The bank statement did not show a deposit of $850 that had been recorded by the firm. The journal entry needed for this reconciling item includes:

 

Multiple Choice

 

 

a credit to Accounts Receivable.

 

 

a credit to Cash.

 

 

no journal entry is required for the reconciling item.

 

 

a debit to cash.

 

The bank statement showed an NSF check from a customer, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes:

 

Multiple Choice

 

 

a debit to NSF Expense.

 

 

a debit to cash.

 

 

a credit to Cash.

 

 

a credit to Accounts Receivable.

 

To arrive at an accurate balance on a bank reconciliation statement, a service charge should be

 

Multiple Choice

 

 

added to the bank statement balance.

 

 

deducted from the book balance.

 

 

deducted from the bank statement balance.

 

 

added to the book balance.

 

On March 30, a firm’s bank reconciliation statement shows a book balance of $31,640, an NSF check of $800, and a service charge of $40. The journal entry on March 30 to record these items would be:

 

DEBIT CREDIT

 

(A) Accounts Receivable 800

 

Bank Fees Expense 40

 

Cash 840

 

(B) Cash 840

 

Bank Fees Expense 40

 

NSF Expense 800

 

(C) Miscellaneous Expenses 840

 

Cash 840

 

(D) Cash 840

 

Accounts Receivable 800

 

Bank Fees Expense 40

 

________________________________________

 

Multiple Choice

 

 

Option A.

 

 

Option B.

 

 

Option D.

 

 

Option C.

 

On April 1, Java Brewers created a petty cash fund starting with $100. On April 30, there was only $5 remaining in the petty cash box. The custodian of the fund presented vouchers to the company accountant for Supplies of $55 and Delivery Expenses of $40. The journal entry on April 30, to replenish the fund, would be:

 

DEBIT CREDIT

 

(A) Petty Cash 95

 

Cash 95

 

(B) Cash 95

 

Petty Cash 95

 

(C) Delivery Expenses 40

 

Supplies 55

 

Petty Cash 95

 

(D) Delivery Expenses 40

 

Supplies 55

 

Cash 95

 

________________________________________

 

rev: 11_01_2017_QC_CS-107838, 11_06_2017_QC_CS-108303

 

Multiple Choice

 

 

Option A.

 

 

Option D.

 

 

Option C.

 

 

Option B.

 

A check issued for $890 to pay a vendor on account was recorded in the firm’s records as $980; the canceled check was properly listed on the bank statement at $890. To arrive at an accurate balance on a bank reconciliation statement, the error should be

 

Multiple Choice

 

 

deducted from the bank statement balance.

 

 

added to the bank statement balance.

 

 

added to the book balance.

 

 

deducted from the book balance.

 

A check issued for $890 to pay a vendor on account was recorded in the firm’s records as $980; the canceled check was properly listed on the bank statement at $890. The journal entry for this reconciling item would include:

 

Multiple Choice

 

 

a debit to Accounts Payable for $90.

 

 

a debit to cash for $90.

 

 

a debit to Cash for $890.

 

 

a credit to Accounts Payable for $890.

 

During the month a company paid $54.75 for office supplies and $63.22 for miscellaneous expenses from the petty cash fund. The entry to replenish the petty cash fund at the end of the month would include

 

Multiple Choice

 

 

a debit to Cash for $117.97.

 

 

a credit to Office Supplies for $54.75.

 

 

a debit to Petty Cash for $117.97.

 

 

a credit to Cash for $117.97.

 

On August 3, Marley’s Sporting Goods accepted a six-month promissory note from J.J. Brown, who owed $490 on account. (J. J. had needed more time to pay his balance.) The promissory note had a 10 percent interest rate. The journal entry on August 3 to record the transaction would be:

 

DEBIT CREDIT

 

(A) Notes Receivable 490

 

Accounts Receivable 490

 

(B) Cash 490

 

Notes Receivable 490

 

(C) Cash 490

 

Accounts Receivable 490

 

(D) Accounts Receivable 490

 

Notes Receivable 490

 

________________________________________

 

Multiple Choice

 

 

Option B.

 

 

Option D.

 

 

Option C.

 

 

Option A.

 

Which of the following would not be shown as an adjustment to the book balance on a bank reconciliation statement?

 

Multiple Choice

 

 

Bank service charges

 

 

Deposits in transit

 

 

NSF checks

 

 

A charge for printing new checks

 

The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes:

 

Multiple Choice

 

 

a debit to Accounts Receivable.

 

 

a credit to Cash.

 

 

a credit to Interest Income.

 

 

a debit to cash.

 

Which of the following statements is ?

 

Multiple Choice

 

 

An endorsement is a written authorization that transfers ownership of a check.

 

 

A check is a written order signed by an authorized person, the drawee.

 

 

Most businesses make one monthly deposit of cash receipts in order to maintain better control over their cash.

 

 

If a check is negotiable, it means that ownership cannot be transferred.

 

George’s Grocers keeps a $100 change fund in its cash register. The cash sales per the cash register tape on January 30 were $405. The cash count was $502. Identify the journal entry below to record the sales and cash overage (or shortage) for January 30.

 

 

DEBIT CREDIT

 

(A) Cash 402

 

Cash Short or Over 3

 

Sales 405

 

(B) Cash 502

 

Sales 502

 

(C) Sales 505

 

Cash Short or Over 3

 

Cash 502

 

(D) Cash 405

 

Sales 405

 

________________________________________

 

Multiple Choice

 

 

Option D.

 

 

Option A.

 

 

Option B.

 

 

Option C.

 

If a check written by a firm is not canceled by the bank and returned with the month’s bank statement, the firm should

 

Multiple Choice

 

 

consider this check as outstanding when preparing the bank reconciliation.

 

 

adjust the balance in the firm’s checkbook to reflect the data that appears in the bank’s records.

 

 

immediately notify the bank requesting that it its records.

 

 

make no adjustment when preparing the bank reconciliation.

 

The journal entry to record the collection of the amount due on an interest-bearing promissory note from a customer would debit Cash, credit Notes Receivable, and

 

Multiple Choice

 

 

debit Interest Income.

 

 

credit Interest Expense.

 

 

credit Interest Income.

 

 

debit Interest Expense.

 

To arrive at an accurate balance on a bank reconciliation statement, deposits in transit should be

 

Multiple Choice

 

 

deducted from the book balance.

 

 

deducted from the bank statement balance.

 

 

added to the bank statement balance.

 

 

added to the book balance.

 

Most businesses use the petty cash fund to pay for

 

Multiple Choice

 

 

merchandise purchases.

 

 

small expenditures.

 

 

internal expenses.

 

 

accounts payable.

 

Identify the items below that would all appear as an addition or subtraction from the Book Balance side of a bank reconciliation statement.

 

Multiple Choice

 

 

Deposits in transit, bank service charges.

 

 

Outstanding checks, customer NSF check.

 

 

Bank service charges, customer NSF check.

 

 

Outstanding checks, deposits in transit.

 

Of the four categories listed in a bank reconciliation, which one(s) require a journal entry(ies) in the firm’s records?

 

Multiple Choice

 

 

Bank Statement Balance Deductions and Book Balance of Cash Deductions

 

 

Bank Statement Balance Additions and Book Balance of Cash Additions

 

 

Book Balance of Cash Additions and Book Balance of Cash Deductions

 

 

Bank Statement Balance Additions and Bank Statement Balance Deductions

 

To arrive at an accurate balance on a bank reconciliation statement, a credit memorandum from the bank for the collection of a note and interest should be

 

Multiple Choice

 

 

deducted from the bank statement balance.

 

 

added to the bank statement balance.

 

 

deducted from the book balance.

 

 

added to the book balance.

 

A check issued for $785 to pay a vendor on account was recorded in the firm’s records as $758; the canceled check was properly listed on the bank statement at $785. The journal entry for this reconciling item would include:

 

Multiple Choice

 

 

a debit to cash for $785.

 

 

a debit to Accounts Payable for $758.

 

 

a credit to Accounts Payable for $27.

 

 

a credit to Cash for $27.

 

Which of the following statements is not ?

 

Multiple Choice

 

 

The petty cash account balance is usually listed separately from the Cash account on the Balance Sheet.

 

 

In a well managed business, most bills are paid by cash.

 

 

In accounting, the term “cash” includes checks, money orders, and funds on deposit in a bank as well as currency and coins.

 

 

The cash register proof is used to enter the cash sales and sales tax in the journal.

 

To arrive at an accurate balance on a bank reconciliation statement, a debit memorandum for a customer check marked NSF should be

 

Multiple Choice

 

 

added to the book balance.

 

 

deducted from the bank statement balance.

 

 

deducted from the book balance.

 

 

added to the bank statement balance.

 

A check issued for $1,980 to pay a vendor on account was recorded in the firm’s records as $1,890; the canceled check was properly listed on the bank statement at $1,980. To arrive at an accurate balance on a bank reconciliation statement, the error should be

 

Multiple Choice

 

 

added to the book balance.

 

 

added to the bank statement balance.

 

 

deducted from the bank statement balance.

 

 

deducted from the book balance.

 

To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be

 

Multiple Choice

 

 

added to the bank statement balance.

 

 

deducted from the book balance.

 

 

added to the book balance.

 

 

deducted from the bank statement balance.

 

The entry to replenish a petty cash fund typically includes

 

Multiple Choice

 

 

debits to various asset and expense accounts and a credit to Cash.

 

 

debits to various expense accounts and a credit to Petty Cash Fund.

 

 

a debit to Cash and a credit to Petty Cash.

 

 

a debit to Petty Cash Fund and a credit to Cash.

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