What fee might the bank assess the company in this case

Assignment Help Financial Management
Reference no: EM132327036

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

Reference no: EM132327036

Questions Cloud

Three-day senior leadership planning retreat : Consider specific activities and milestones that need to be accomplished in a three-day senior leadership planning retreat. Additionally, suggestions
Businesses commonly use celebrities to endorse their product : Businesses commonly use celebrities to endorse their products, meaning they feature a celebrity in the commercial holding the product, using the product,
What are the characteristics of a strong body paragraphs : What are the characteristics of a strong body paragraphs, and how do the details in the body paragraph relate to the topic sentence
Oldest formal school of management : The Classical School is the oldest formal school of management thought. The classical school of thought generally concerns ways to manage work
What fee might the bank assess the company in this case : 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?
The surprising truth about what motivates us : The Surprising Truth About What Motivates Us. Have you ever worked at a company where you have received recognition for your contributions?
Conducting feasibility studies for new business : Describe aspects in conducting feasibility studies for new business.
Describe strategies or others management concepts : Describe strategies or others management concepts to reduce of failure in creating new business
Describe example of how you use the scientific method : Describe an example of how you use the scientific method in your daily life. Which observation(s) lead you to use the scientific method?

Reviews

Write a Review

Financial Management Questions & Answers

  Foreign company acquisition

Acquisition by a foreign company and the effects of that decision and the results of foreign exchange in Euro and the exchange rate differences.

  Financial management for profit and non profit organizations

In this essay, we are going to discuss the issues of financial management in a non-profit organisation.

  Method for estimating a venture''s value

Evaluate venture's present value, cash and surplus cash and basic venture capital.

  Replacement analysis

This document show the Replacement Analysis of modling machine. Is replacement give profit to company or not?

  Business finance task - capital budgeting

Your company is considering using the payback period for capital-budgeting. Discuss the advantages and disadvantages of this technique.

  Analysis of the investment

In this project, you will focus on one of these: the additional cost resulting from the purchase of an apple press (a piece of equipment required to manufacture apple juice).

  Conduct a what-if analysis

Review the readings and media for this unit, including the Anthony's Orchard case study media. Familiarise yourself with the Anthony's Orchard company and its current situation.

  Determine operational expenditures

Organisations' behaviour is guided by financial data. In the short term, such data will help determine operational expenditures; in the long term, historical data may help generate forecasts aimed at determining strategic plans. In both instances.

  Personal financial management

How much will you have left over each half year if you adopt the latter course of action?

  Sources of finance for expansion into new foreign markets

A quoted company is considering several long-term sources of finance for expansion into new foreign markets.

  Long term financial planning

This assignment is designed for analyze Long term financial planning begins with the sales forecast and the key input in the long term fincial planning.

  Explain the role of fincial manager

This assignment explain the role of fincial manager, function of manger. And what are the motives of financial manager.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd