Question : 121. Triple Company’s accountant made an entry that included the following : 1256891

 

 

121. Triple Company’s accountant made an entry that included the following items: debit postage expense $12.42, debit office supplies expense $27.33, credit cash over/short $2.19. If the original amount in petty cash is $320, how much is in petty cash before the reimbursement?  

A. $320.00

B. $282.44

C. $37.56

D. $39.75

E. $41.94

 

 

122. Triple Company’s accountant made an entry that included the following items: debit postage expense $12.42, debit office supplies expense $27.33, debit cash over/short $2.19. If the original amount in petty cash is $320, how much was the credit to cash for the reimbursement?  

A. $320.00

B. $202.44

C. $37.56

D. $39.75

E. $41.94

 

 

123. Triple Company’s accountant made an entry that included the following items: debit postage expense $12.42, debit office supplies expense $27.33, debit cash over/short $2.19. If the original amount in petty cash is $320, how much is in petty cash before the reimbursement?  

A. $320.00

B. $202.44

C. $37.56

D.$275.87

E. $278.06

 

 

 

124. Given the following information:

 

Petty cash balance $450.00Courier receipt  $82.50

Postage receipt  $  48.00Office Supplies receipt   $56.22

Business meal receipt $102.34Cash on hand at the end of the month  $76.21

 

What is the amount that needs to be reimbursed?

A. $365.27

B. $289.06

C. $373.79

D. $289.00

E. $450.00

 

 

125. Given the following information:

Petty cash balance $450.00Courier receipt  $82.50

Postage receipt  $  48.00Office Supplies receipt   $56.22

Business meal receipt $102.34Cash on hand at the end of the month  $76.21

What is the amount of cash over and short?

A. Debit $84.73.

B. Credit $84.73.

C. Debit $160.94.

D. Credit $160.94.

E. No cash over or short would be recorded.

 

 

 

 

 

 

 

 

 

126. Given the following information:

Petty cash balance $530.00Courier receipt  $74.22

Postage receipt  $  25.00Office Supplies receipt   $95.64

Business meal receipt $  54.21Cash on hand at the end of the month $299.71

What is the amount that needs to be reimbursed?

 

A. $365.27

B. $289.06

C. $280.73

D. $181.22

E. $230.29

 

 

 

127. Given the following information:

Petty cash balance $530.00Courier receipt  $ 74.22

Postage receipt  $  25.00Office Supplies receipt   $ 95.64

Business meal receipt $  54.21Cash on hand at the end of the month $299.71

What is the amount that needs to be recorded for cash over and short?

 

A. Debit $23.29.

B. Credit $23.29.

C. Debit $18.78.

D. No cash over and short is necessary.

E. Credit $18.78.

 

 

128. Fluffy Pet Grooming deposits all cash receipts on the day when they are received and all cash payments are made by check. At the close of business on June 30, its Cash account shows a $14,811 debit balance. Fluffy Pet Grooming’s June 30 bank statement shows $14,472 on deposit in the bank. Prepare a bank reconciliation for Fluffy Pet Grooming using the following information:

a.

Outstanding checks as of June 30 total $2,261.

b.

The June 30 bank statement included a $75 debit memorandum for bank services.

c.

Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet Grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798.

d.

The June 30 cash receipts of $2,534 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.

What is the adjusted bank balance?

A. $14,265

B. $14,745

C. $14,677

D. $14,538

E. $14,877

 

 

129. Fluffy Pet Grooming deposits all cash receipts on the day when they are received and all payments are made by check. At the close of business on June 30, its Cash account shows a $14,811 debit balance. Fluffy Pet Grooming’s June 30 bank statement shows $14,472 on deposit in the bank. Prepare a bank reconciliation for Fluffy Pet Grooming using the following information:

a.

Outstanding checks as of June 30 total $2,261.

b.

The June 30 bank statement included a $75 debit memorandum for bank services.

c.

Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet Grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798.

d.

The June 30 cash receipts of $2,534 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement.

What is the adjusting journal entry required as a result to record the increase in cash for the adjusted bank balance?

A. Debit to cash $2,261 credit to accounts receivable $2,261.

B. Credit to accounts receivable $2,261 debit to cash $2,261.

C. No adjusting entry is necessary.

D. Debit to cash $2,534 credit to accounts receivable $2,534.

E. Credit to cash $2,534 credit to accounts receivable $2,534.

 

 

130. The following information is available to reconcile Sleepy Time Bedding’s book balance of cash with its bank statement cash balance as of July 31:

 

a.

On July 31, the company’s Cash account has a $25,862 debit balance, but its July bank statement shows a $28,177 cash balance.

b.

Check No. 1531 for $1,520 and Check No. 1540 for $752 were outstanding on the June 30 bank reconciliation. Check No. 1540 is listed with the July canceled checks, but Check No. 1531 is not. Also, Check No. 1565 for $536 and Check No. 1569 for $2,288, both written in July, are not among the canceled checks on the July 31 statement.

c.

In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 1556 for July rent was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230.

d.

A credit memorandum enclosed with the July bank statement indicates the bank collected $9,500 cash on a noninterest-bearing note for Sleepy Time Bedding, deducted a $48 collection fee, and credited the remainder to its account. Sleepy Time Bedding had not recorded this event before receiving the statement.

e.

A debit memorandum for $805 lists a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Sleepy Time Bedding has not yet recorded this check as NSF.

f.

Enclosed with the July statement is a $14 debit memorandum for bank services. It has not yet been recorded because no previous notification had been received.

g.

Sleepy Time Bedding July 31 daily cash receipts of $10,652 were placed in the bank’s night depository on that date, but do not appear on the July 31 bank statement.

 

What is the adjusted book balance?

A. $34,485

B. $34,994

C. $28,150

D. $27,025

E. $31,617

 

 

 

 

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