16) Which of the following hank reconciling items would eqaire journal entries?

Question

16) Which of the following hank reconciling items would eqaire journal entries? Check all that apply A) Outstanding checks B) NSF chock C) Note collected by the bank D) Deposits in transit E) Bank service charges 17) Which of the follow ing items would be coesidered a Cah equi ale? A) UUS Treasy baill maturity date in 100 days B) US Treasury bill maturity date 60 days C) Note Receivablke dae in 60 days D) Accounts Receivable 13) The tollowing information has been gathcred from the fnancial statements of Que What is the inventory tumover for 2015 Net Sales Cos of Goods Sold 2015 $1860,000 S 960,000 2014 2,000,000 s 900,000 Ending Menchandise lnventory S 192,000 5 162.000 a) 525 times b) 542 times c) 201 times d) 508 times 19) What type of account is Petty Cash a) Expens b) Liability c) Asset d) Capital d) Owners Withdawals 20-27 A company uses the following special journals in addition to a pencral journal ldentify the journal in which cach of the folowing transactions would be recorded a) Cash Receipts jounal b) Cash Payments jourmal c) Sales Joumal d) Purchases jounal e) General journal 20 Purchase of merchandise on account 22 Merchandise rctumed from cutomer 24. Payment of merchandise inventory purchased last month on account 25. Owner invested cash in the busines 26 Merchandise turned to vendor 27. Purchase of vehicke with a promissory mote, with no moncy down 21. Sale ofmerchandien account 23. Cusomer payment moeived 28 When a commpany prolibits family members from working in the same departmen, i is an example of which control acti b) Peniodic independent verification a) Separation of duties c) Documents and Recoeds d) Sound penonnel peactices e) Physical controls

Explanation / Answer

Solution 16:

NSF check, note collected by bank, bank service charge item requires journal entry.

Hence option B, C and E are apply.

Solution 17:

US Treasury bill maturity date 60 days will be considered as cash equivalant.

Hence option B is correct.

Solution 18:

Inventory turnover for 2015 = Cost of goods sold / Average inventory = $960,000 / ($192,000 + $162000)/2

= 5.42 times

Hence option b is correct.

Solution 19:

Petty cash is asset account. hence optio c is correct.

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