the balance in an account as shown by the checkbook 670598

Aug 30, 2021 | Uncategorized

32. The balance in an account as shown by the checkbook on August 1 is

$3,980. The balance as reported by the bank statement for the same

Date is $4,320. The difference is most likely due to

  1. An error in the checkbook balance
  2. Checks outstanding which have not cleared the bank
  3. Interest earned but not yet recorded in the checkbook
  4. Deposits made before August 1 but not yet credited by the bank

33. The cashbook balance is $360. The bank statement issued on the

Same day shows a bank charge of $8. Unlearned checks amount to

$175 and the most recent deposit of $50 entered on the cash book

Has not been credited by the bank

What is the balance on the bank statement?

  1. $427
  2. $477
  3. $467
  4. $277

34. Using the information in the questions above, what cash balance

Should be carried forward into the next period?

  1. $344
  2. $352
  3. $360
  4. $402

Deception Debit Credit
(1)Equipment 2,600
Accounts Payable 2,000
Cash 600
(R. Bean Inc., Invoice #103)
(2) Cash 2,800
License Fees 2,800
(Fees for month)
(3) Accounts Payable 2,000
Rent Expense 2,000
(Rent for month)
(4) Salaries Expense 600
Cash
(Receipts for month)
(5) Accounts Payable 1,600
Cash 1,000
Equipment 1,000
(R. Bean Inc., payment on acct.)
  1. Equipment worth $2,600 was bought on account from R. Bean Inc. with a down payment of $600
  2. Received $2,800 in license fees for the month
  3. Paid accrued rent, $200
  4. Paid salaries, $600
  5. Paid $1,600 on account to R. Bean Inc.

43. Using the GENERAL JOURNAL, transaction 1, the journal entry for

“Accounts Payable”

  1. Is in the wrong column
  2. Is in the wrong amount
  3. Is for the wrong account
  4. A and C above
  5. None of these

44. Using the GENERAL JOURNAL, transaction 2, the journal entry for

The account “Cash”

  1. Is in the wrong column
  2. Is in the wrong amount
  3. Is for the wrong account
  4. A and C above
  5. None of these

45. Using the GENERAL JOURANL, transaction 2, the journal entry for

The account “License fees”

  1. Is in the wrong column
  2. Is in the wrong amount
  3. Is for the wrong account
  4. A and C above
  5. None of these

46. Using the GENERAL JORUANL, transaction 5, the journal entry for

The account “Cash”

  1. Is in the wrong column
  2. Is in the wrong amount
  3. Is for the wrong account
  4. B and C above
  5. None of these

47. Using the GENERAL JOURNAL, a trail balance prepared

Entries on this sheet

  1. Would contain errors for individual accounts
  2. Would be in balance
  3. Would not be in balance
  4. A and B above
  5. A and C above

48. $1,200 is borrowed at 6%. One and ½ years later, the note is paid in full with interest. What is the amount of the payment?

  1. $1,289.55
  2. $1,298.35
  3. $1,301.90
  4. $1,308.00

49. A school collected $420 in fees during the month of April, in May

Is collected a sum 17.5% greater than the collections for April

And in June, it collected a sum 20% greater than the average of the

previous 2 months’ collections. What was the total collected

during the quarter?

  1. $1,226.40
  2. $1,417.50
  3. $1,461.60
  4. $2,009.70

50. A district is considering a medical contract that requires at least

75% of the employees to enroll before the contract goes into

Effect. Sixty percent of the employees have agreed to sign and

More are needed. How many employees work in this district?

  1. 150
  2. 225
  3. 300
  4. 360

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