Reference no: EM132327028
Question
1.A company set-up a petty cash fund with $800. The disbursements are as follows:
Office Supplies $300
Shipping 50
Postage 30
Delivery Expense $350
Answer the question below based on the above information. To create the fund, which account should be credited?
a. Petty Cash
b. Cash at Bank
c. Supplies
d. Postage
2. A company set-up a petty cash fund with $800. The disbursements are as follows:
Office Supplies $300
Shipping 50
Postage 30
Delivery Expense $350
Answer the question below based on the above information. To create the fund, which account should be Debited?
a. Petty Cash
b. Postage
c. Supplies
d. Cash at Bank
3. A company set-up a petty cash fund with $800. The disbursements are as follows:
Office Supplies $300
Shipping 50
Postage 30
Delivery Expense $350
Answer the question below based on the above information. To disburse funds, which account credited?
a. Supplies
b. Petty Cash
c. Postage
d. Cash at Bank
4. A company set-up a petty cash fund with $800. The disbursements are as follows:
Office Supplies $300
Shipping 50
Postage 30
Delivery Expense $350
Answer the question below based on the above information. To replenish the petty cash fund, the journal entry would include?
a. Credit cash and debit postage
b. Credit pretty cash and debit Cash
c. Debit petty cash and credit Cash
d. Debit postage and credit cash
A company received cash sales of $15000. They also collected $43000 in receivables during the month. Answer questions 4 to 6 with this information.
5. What is the journal entry for the collection of the receivables?
a. Debit Expense and Credit Cash
b. Credit Expense and Debit Cash
c. Debit Cash and Credit Accounts Receivable
d. Debit Account Receivable and Debit Cash
A company received cash sales of $15000. They also collected $43000 in receivables during the month. Answer questions 4 to 6 with this information.
6. What is the journal entry for the collection of the sales?
a. Debit Sales and Credit Expense
b. Credit Sales and Debit Expense
c. Debit Sales and Credit Cash
d. Debit Cash and Credit Sales
A company received cash sales of $15000. They also collected $43000 in receivables during the month. Answer questions 4 to 6 with this information.
7. If the sales received were all made by credit cards with a fee of 1.25%, what would be the journal entry for cash?
a. 187.50 Credit
b. 187.50 Debit
c. 14,821.50 Credit
d. 14,821.50 Debit
8. A company writes a check but does not have enough money to cover the balance. What fee might the bank assess the company in this case?
a. Non sufficient Fund Fee
b. Expense overage Fee
c. Reconciliation Fee
d. Deposit Fee
9. A company writes a check but does not have enough money to cover the balance. What is the journal entry for the charge assessed by the bank?
a. Debit Service Charge Fee and Credit Cash
b. Debit Expenses and Credit Cash
c. Credit Service Charge Fee and Debit Cash
d. Credit Expenses and Debit Cash
10. An employee has been stealing funds from the company for years. Which of the following control methods would have most likely uncovered this sooner?
a. Audit the supply account
b. Set-up a petty cash fund
c. Close a petty cash fund
d. Complete bank reconciliation