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Question : 31) Clean Sweep, Inc. started the month of June with : 1253163

Accounting

 

 

31) Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How will the company report its unused supplies on June 30?

A) $200 of unused supplies will appear as an expense on the income statement.

B) $900 of unused supplies will appear as an expense on the income statement.

C) $200 of unused supplies will appear as an asset on the balance sheet.

D) $900 of unused supplies will appear as an asset on the balance sheet.

 

32) Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How will the company report these events on its statement of cash flows for the month of June?

A) The statement of cash flows will show cash paid for supplies of $(300).

B) The statement of cash flows will show supplies expense of $900.

C) The statement of cash flows will show supplies expense of $200.

D) This is a trick question. The statement of cash flows will not report anything about any of these events.

 

33) Clean Sweep, Inc. started the month of June with $600 worth of cleaning supplies. During the month, Clean Sweep purchased $400 of supplies for cash. At June 30, $300 worth of supplies was unused. How much cleaning supplies expense will the company show on its income statement for the month of June?

A) $300

B) $100

C) $1,000

D) $700

 

34) Clean Sweep, Inc. started the month of June with $600 worth of cleaning supplies. During the month, Clean Sweep purchased $400 of supplies for cash. At June 30, $300 worth of supplies was unused. How will the company report its unused supplies on June 30?

A) $400 of unused supplies will appear as an expense on the income statement.

B) $700 of unused supplies will appear as an expense on the income statement.

C) $300 of unused supplies will appear as an asset on the balance sheet.

D) $700 of unused supplies will appear as an asset on the balance sheet.

35) Clean Sweep, Inc. started the month of June with $600 worth of cleaning supplies. During the month, Clean Sweep purchased $400 of supplies for cash. At June 30, $300 worth of supplies was unused. How will the company report these events on its statement of cash flows for the month of June?

A) The statement of cash flows will show $(400) cash paid for supplies.

B) The statement of cash flows will show supplies expense of $(1,000).

C) The statement of cash flows will show supplies expense of $(700).

D) This is a trick question. The statement of cash flows will not report anything about any of these events.

 

36) On June 1, Stackable, Inc. has a balance of $6,000 in Supplies. During June, the company buys another $2,000 of supplies. On June 30, the company counts the supplies and finds that $800 are left unused. What is the proper adjustment at June 30?

A) Decrease Supplies and shareholders’ equity by $7,200.

B) Decrease Supplies and shareholders’ equity by $8,000.

C) Decrease Cash and increase Supplies by $2,000.

D) Decrease Cash and increase Accounts payable by $7,200.

 

37) The dollar amount shown on the balance sheet for Supplies represents ________.

A) the current market value of the supplies that are available for resale to customers

B) the cost of all supplies purchased during the period

C) the cost of supplies used during the period

D) the cost of supplies that remain unused at the end of the period

 

38) On April 1, Spring Floral, Inc. has a balance of $300 in office supplies. During April, the company buys $900 more of the office supplies. On April 30, the company counts the supplies and finds $200 of supplies remaining. The effect of the April 30 entry to adjust supplies will include a ________.

A) decrease to Cash and an increase to Supplies of $1,000

B) decrease to Cash and an increase to Accounts payable of $900

C) increase to Supplies and Supplies expense of $1,200

D) decrease to Supplies and Supplies expense of $1,000

39) On April 1, Spring Floral, Inc. has a balance of $300 in Supplies. During April, the company buys another $900 of supplies. On April 30, the company counts the supplies and finds $200 of supplies remaining. What will the company report on its April 30 balance sheet?

A) Supplies expense of $1,000

B) Supplies of $1,000

C) Supplies of $200

D) Supplies expense of $200

 

40) On April 1, Spring Floral, Inc. has a balance of $300 in Supplies. During April, the company buys $900 more of the supplies. On April 30, the company counts the supplies and finds $200 of supplies remaining. What will the company report on its month ended April 30 income statement?

A) Supplies expense of $1,000

B) Supplies of $1,000

C) Supplies of $200

D) Supplies expense of $200

 

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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