Question :
141. Ryan Company deposits all cash receipts the day they : 1257950
141. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan’s June bank statement shows $18,361 on deposit in the bank. Ryan’s comparison of the bank statement to its cash account revealed the following:
Deposit in transit$1,450Outstanding checks$837
Additionally, a $29 check written and recorded by the company correctly was recorded by the bank as a $92 deduction.
The adjusted cash balance per the bank records should be:A. $18,974B. $18,911C. $20,711D. $19,037E. $16,137
142. Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $17,025. Clayborn’sMay bank statement shows $15,800 on deposit in the bank.Determine the adjusted cash balance using the following information:
Deposit in transit………………………………$5,200Outstanding checks……………………………$4,600Bank service fees, not yet recorded by company$25A NSF check from a customer, not yet recorded by the company$600
The adjusted cash balance should be:A. $16,400B. $11,200C. $21,000D. $16,425E. $17,000
143. Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $13,162. Franklin’s August bank statement shows $14,237 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit………………………………$4,500Outstanding checks……………………………$3,900Bank service fees, not yet recorded by company$50The bank collected on a note receivable, not yet recorded by the company$1,725
The adjusted cash balance should be:A. $18,737B. $10,337C. $14,887D. $13,112E. $14,837
144. Clayborn Company’ bank reconciliation as of May 31 is shown below
Bank balance
$15,800
Book balance
$17,025
+ Deposit in transit
5,200
Bank service fees
– 25
– Outstanding checks
– 4,600
NSF returned
– 600
Adjusted book balance
$16,400
$16,400
The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:A.A debit to Cash of $625B.A debit to Cash of $5,200C.A credit to Cash of $4,600D.A credit to Cash of $600E.A debit to cash of $25
145. Franklin Company’s bank reconciliation as of August 31 is shown below.
Bank balance
$14,237
Book balance
$13,162
+ Deposit in transit
4,500
Bank service fees
– 50
– Outstanding checks
– 3,900
Note collected
1,725
Adjusted book balance
$14,837
$14,837
The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include:A.Debit Cash $4,500; credit Sales $4,500.B.Debit Cash $1,725; credit Notes Receivable $1,725.C.Debit Cash $50; credit Bank Service Fee Expense $50.D.Debit Misc. Expense $3,900; credit Cash $3,900.E.Debit Notes Receivable $1,725; credit Cash $1,725.
146. Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $60,209. Easton’s June bank statement shows $58,349 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit………………………………$3,800Outstanding checks……………………………$1,925Check printing fee, not yet recorded by company$15Interest earned on account, not yet recorded by the company$30
The adjusted cash balance should be:A. $60,194B. $60,239C. $62,149D. $56,424E. $60,224
147. Great Falls Co.’s bank reconciliation as of February 28 is shown below.
Bank balance
$37,643
Book balance
$38,153
+Deposit in transit
2,950
Note collection
+ 745
– Outstanding checks
– 1,730
Check printing
– 35
Adjusted book balance
$38,863
$38,863
The adjusting journal entries that Great Falls must record as a result of the bank reconciliation include:A. Debit Note Payable $745; credit Cash $745.B. Debit Cash $745; credit Note Receivable $745.C. Debit Cash $2,950; credit Sales $2,950.D. Debit Cash $2,950; credit Accounts Receivable $2,950E. Debit Miscellaneous Expense $35; credit Accounts Payable $35.
148. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is: A. Debit Cash $250; credit Petty Cash $250.B. Debit Petty Cash $250; credit Accounts Payable $250.C. Debit Miscellaneous Expense $250; credit Cash $250.D. Debit Petty Cash $250; credit Cash $250.E. Debit Cash $250; credit Accounts Payable $250.
149. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the reimbursement of the fund on September 30 includes a: A. Debit to Office Supplies for $73.B. Credit to Merchandise Inventory for $137.C. Credit to Cash for $250.D. Debit Petty Cash for $232.E. Credit to Cash for $18.
150. Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the increase in the fund balance on October 1is: A. Debit Petty Cash $300; credit Cash $300.B. Debit Cash $50; credit Petty Cash $50.C. Debit Miscellaneous Expense $50; credit Cash $50.D. Debit Petty Cash $50; credit Accounts Payable $50.E. Debit Petty Cash $50; credit Cash $50.
