ACC 291T Assignment Week 3 Apply: Connect® Exercise

ACC 291T Assignment Week 3 Apply: Connect® Exercise

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ACC 291T ASSIGNMENT Week 3 Apply: Connect® Exercise

 

Review the Knowledge Check in preparation for this Assignment.

 

Complete the Week 3 Exercise in Connect®.

 

Note: You have only one attempt available to complete this Assignment.

 

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

 

Which of the following statements is not correct?

 

Multiple Choice

 

 

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

 

 

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

 

 

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

 

 

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

 

Most businesses use the petty cash fund to pay for

 

Multiple Choice

 

 

internal expenses.

 

 

accounts payable.

 

 

small expenditures.

 

 

merchandise purchases.

 

Which of the following statements is correct?

 

Multiple Choice

 

 

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

 

 

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

 

 

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.

 

The entry to replenish a petty cash fund typically includes

 

Multiple Choice

 

 

a debit to Cash and a credit to Petty Cash.

 

 

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 Petty Cash Fund and a credit to Cash.

 

ABC Office Suppliers keeps a $200 change fund in its cash register. The cash sales per the cash register tape on May 30 were $700. The cash count was $908. Identify the correct journal entry below to record the sales and cash overage (or shortage) for May 30.

 

DEBIT CREDIT

 

(A) Cash 700

 

Cash Short or Over 8

 

Sales 708

 

(B) Cash 700

 

Sales 700

 

(C) Cash 708

 

Cash Short or Over 8

 

Sales 700

 

(D) Cash 908

 

Sales 900

 

Cash Short or Over 8

 

________________________________________

 

Multiple Choice

 

 

Option A.

 

 

Option B.

 

 

Option C.

 

 

Option D.

 

The most appropriate form of endorsement of a check for business purposes is

 

Multiple Choice

 

 

the blank endorsement.

 

 

the full endorsement.

 

 

the restrictive endorsement.

 

 

no endorsement.

 

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.

 

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

 

 

added to the bank statement balance.

 

 

deducted from the bank statement balance.

 

 

added to the book balance.

 

 

deducted from the book 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 bank statement balance.

 

 

deducted from the book balance.

 

 

deducted from the bank statement balance.

 

 

added to the book balance.

 

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 debit to cash.

 

 

a credit to Accounts Payable.

 

 

a credit to Cash.

 

 

no journal entry is required for the reconciling item.

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