1. Jones Companyhad checks outstanding totaling $5,400 on its June bankreconcili
ID: 2444275 • Letter: 1
Question
1. Jones Companyhad checks outstanding totaling $5,400 on its June bankreconciliation. In July, Jones Company issued checks totaling$38,900. The July bank statement shows that $26,300 in checkscleared the bank in July. A check from one of Jones Company'scustomers in the amount of $300 was also returned marked "NSF." Theamount of outstanding checks on Davis Company's July bankreconciliation should be
A) $12,600.
B) $18,000.
C) $17,700.
D) $7,200.
2. A $100 pettycash fund has cash of $18 and receipts of $80. The journalentry to replenish the account would include a
A) debit to Cash for$80.
B) credit to PettyCash for $84.
C) debit to Cash Overand Short for $2.
D) credit to Cash for$80
3.
8 pnts Using the following information, prepare a bankreconciliation for Gouge Company for July 31, 2005.
a. The bankstatement balance is $3,506.
b. The cashaccount balance is $3,630
c. Outstandingchecks totaled $1,085.
d. Deposits intransit are $1,170.
e. The bankservice charge is $30.
f. A checkfor $98 for supplies was recorded as $89 in the ledger.
4
6 pnts At August 31 Jones Company has this bank information:cash balance per bank $6,950; outstanding checks $762; deposits intransit $1,700; and a bank service charge $20. Determine theadjusted cash balance per bank at August 31, 2005.
5. A very smallcompany would have the most difficulty in implementing which of thefollowing internal control activities?
A) Separation ofduties
B) Limited access toassets
C) Periodicindependent verification
D) Sound personnelprocedures
Explanation / Answer
1. Jones Companyhad checks outstanding totaling $5,400 on its June bankreconciliation. In July, Jones Company issued checks totaling$38,900. The July bank statement shows that $26,300 in checkscleared the bank in July. A check from one of Jones Company'scustomers in the amount of $300 was also returned marked "NSF." Theamount of outstanding checks on Davis Company's July bankreconciliation should be
A) $12,600.
B) $18,000.
C) $17,700.
D) $7,200.
2. A $100 pettycash fund has cash of $18 and receipts of $80. The journalentry to replenish the account would include a
A) debit to Cash for$80.
B) credit to PettyCash for $84.
C) debit to Cash Overand Short for $2.
D) credit to Cash for$80
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