Reference no: EM132230448
Questions -
Q1. A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $11, deposits in transit of $317, outstanding checks of $221, and NSF checks of $90. The correct cash balance is?
(a) $1,490
(b) $1,580
(c) $1,479
(d) $1,777
Q2. A bank reconciliation revealed bank charges of $11, outstanding checks of $221, and NSF checks of $90. The journal entry to cause the company records to match the correct adjusted ending cash balance includes:
(a) a credit to cash for $101
(b) a credit to cash for $11
(c) a credit to cash for $90
(d) a credit to cash for $322
Q3. Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $182. The journal entry to reflect replenishment would include:
(a) a debit to Cash for $318
(b) a credit to Cash or $182
(c) debits to expense of $318
(d) a credit to Petty Cash for $318
Q4. Trading securities were purchased for $100,000. Initially the investment climbed in value to $125,000. By year's end, it had decreased in value to $90,000. At what amount should the trading securities be reported on the year-end balance sheet?
(a) $90,000
(b) $100,000
(c) $125,000
(d) none of these
Q5. Alpha Company established a petty cash fund on 1/2/y2, of $800. Prepare the general journal entry, without explanation, to record this event?
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