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True/False Indicate whether the statement...
True/False Indicate whether the statement is true or false. TF 1. A customer's check received in settlement of an account receivable is considered cash. TF 2. Depositing all cash, checks, etc. in a bank and paying with checks is an internal control procedure over cash. TF 3. The amount of the "adjusted balance" appearing on the bank reconciliation as of a given date is the amount that is shown on the balance sheet for that date. TF 4. At the end of a period, before the accounts are adjusted, Allowance for Doubtful Accounts has a credit balance of $250, and net sales on account for the period total $500,000. If uncollectible accounts expense is estimated at 1% of net sales on account, the current provision to be made for uncollectible accounts expense is $4,750. TF 5. When using the estimate based on analysis of receivables, the amount computed in the analysis is always the required amount that would be recorded in the adjusting entry. Multiple Choice Identify the choice that best completes the statement or answers the question. ABCD 1. EFT a. means Efficient Funds Transfer b. can process certain cash transactions at less cost than by using the mail c. makes it easier to document purchase and sale transactions d. means Effective Funds Transfer ABCD 2. Which one of the following would not cause a bank to debit a company's account? a. Bank service charge b. Collection of a note receivable c. Checks marked NSF d. Wiring of funds to other locations ABCD 3. Cash equivalents include a. checks b. coins and currency c. money market accounts and commercial paper d. stocks and short-term bonds ABCD 4. The amount of the promissory note plus the interest earned on the due date is called the a. realizable value b. maturity value c. face value d. net realizable value ABCD 5. On November 1, Kim Company accepted a 3-month note receivable as payment for services provided to Hsu Company. The terms of the note were $10,000 face value and 6% interest. Kim Company closes its books at December 31 and does not use reversing entries. On February 1, the journal entry to record the collection of the note should include a credit to a. Notes Receivable for $10,150 b. Interest Receivable for $150 c. Interest Revenue for $150 d. Interest Revenue for $50 Problem 1. List and define each of the five elements of internal control. 2. Roper Electronics received its bank statement for the month of August with an ending balance of $11,740.00. Roper determined that check #613 for $155.00 and check #601 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. Northern Regional Bank also collected a $5,000.00 notes receivable on August 1st that was issued March 1st at 12% annual interest. No interest revenue has been accrued on this note and Northern Regional Bank charged a $35.00 fee for the collection service.The company’s morning reports resulted in a bank service charge of $20.00 and a customer check for $68.00 was returned with the statement marked “NSF”. The ending balance of the Roper cash account is $12,938.00. Complete a bank/account reconciliation and write any necessary journal entries for the reconciliation. 3. Present entries to record the following transactions: (a) Established a petty cash fund of $235. (b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on the following disbursements as indicated by a summary of the petty cash receipts: office supplies expense, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous selling expense, $18.60. (c) Increased the petty cash fund to $300. 4. For a business that makes advance provision for uncollectible receivables (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates doubtful accounts of $18,000. (2) In March of the following fiscal year, the $350 owed by Fronk Co. on account is written off as uncollectible. (3) Eight months later, $200 of the Fronk Co. account is reinstated and payment of that amount is received. (4) In October, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. (b) Based on the data in (a) (1) above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31? (c) Assuming that the business had been following the direct write-off procedure in accounting for uncollectible receivables, journalize the entries to record the following: (1) Recorded the write-off of account of Fronk Co. [(a) (2) above]. (2) Reinstated account of Fronk Co. for $200 and recorded payment of that amount received [(a) (3) above]. (3) Recorded the receipt of $400 from Dodger Co. in (a) (4) above and wrote off the remainder owed as uncollectible. 5. Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3rd to Valley Co. on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the interest. c. Determine the maturity value of the note. d. Journalize the entry to record the issuance of the note by Potts on Feb. 3. e. Journalize the entry to record the receipt of payment of the note at maturity by Valley Co. 6. Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. 7. Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account. (Assume a 360-day year when calculating interest.) (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize the entries to record the following: (1) receipt of the note by the payee, and (2) receipt by the payee of the amount due on the note at maturity. Round answers to the nearest $1. 8. On the basis of the following data related to assets due within one year for Webb Co., prepare a partial balance sheet in good form at December 31, 2009. Show total current assets. Cash $128,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for doubtful accounts 25,000 Interest receivable 1,000 9. For the fiscal years 2009 and 2010, Apple Co. reported the following: Year Ended December 31, 2009 2010 Net Sales $44,123,486 $34,124,961 Accounts Receivable 749,321 719,365 a. Compute the accounts receivable turnover for 2010. b. Compute the number of days’ sales in receivable at the end of 2010. 10. Afton Co. received a $10,000, 12%, 90-day note, dated October 1, from Winston Co. on account. On October 31, the note was discounted at the bank at 9%. Determine the items below and insert answers in the spaces provided. (a) Due date of note _______________ (b) Maturity value of note _______________ (c) Discount period _______________ days (d) Discount amount _______________ (e) Proceeds from discounting note _______________ (f) Interest ________________________ (insert Revenue or Expense) _______________
Submitted: 8 years ago.Category: Homework
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Answered in 1 day by:
10/23/2009
Tutor: Suhaila Rahiman, Graduate Student replied 8 years ago
Suhaila Rahiman
Suhaila Rahiman, Graduate Student
Category: Homework
Satisfied Customers: 60
Experience: LCCI, (2008 World Gold Medal for Accounting subject) Currently pursuing ACCA
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may i know whet's your deadline? (i think i can help, but i i'm quite busy with my day job today)
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Customer reply replied 8 years ago
Next friday is the deadline
Tutor: Suhaila Rahiman, Graduate Student replied 8 years ago
Ok. In that case, i'll do it. Will submit to you tomorrow, yes?
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Customer reply replied 8 years ago
yes that is fine
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