5105.00 S110,000 d Some other amount 41 An NSF check rebumod by the hunk should

Question

5105.00 S110,000 d Some other amount 41 An NSF check rebumod by the hunk should be entered in the depossor's accounting reconds by a debit to records by a debit to: Accounts Payable Accounts Receivable An expense account d Cash e None of the above 42 In preparing a bank reconciliation, a debit memo for psit box rental shown on the bank statement should be Deducted from the balance per the depositor's records b. Addod to the balance per the bank statement c. Deduacted from the balance per the bank statement d. Added to the balance per the depesitor's records e None of the above 43 Enclosed with the bank statement reoeived by Mathew Company at August 31 was an NSF check for $2,012. No entry has yet been made check. During preparation of the bank reconciliation, the NSF check by the should be a Added lo the balance per the depositor's reconds b. Deductod from the balance per the depositor's necords c. Deducted from the balance per the bank statement d. Added to the balance per the bank stalement e None of the above accounting records of Fran Company showed cash of $64,400 at June 30. The only reconciling items were deposits in transit of $12,000 not yet received by the bank, a credit memo for a note roceivable collected by the bank for Fran in the amount of 1,000, outstanding checks totaling $7,400, interest revenue carned on the account of S6, an NSF chock for $400 returnmed by the bank which Fran had not yet charged back to the customer, and a bank service charge of $30. The preparation of a bank reconciliation should indicate cash ouned by Fran at June 30 in the amount of a $57,576 b $64,976 c. $58,776 d. $45,576 e. None of the above 45. While a bank reconciliation, an accountant discovered that a $302 check returned with the bank statement had been recorded erroncously in the depositor's accounting records as $223, In preparing the bank reconciliation the appropriate action to correct this ero would be to: a Deduct $79 from the balance per the depositor's records b. Add $79 to the balance per the depositor's records e. Add $79 to the balance per the bank statement d. Deduct $79 from the balance per the bank statement None of the above 46 A conoeptual shortooming in the direct write-off method of accounting for bad debts is that this method does not result in a Matching of revenues and expenses in the same b. Disclosure of the estimatod amount expected to be collecled from total receivables on the balance sheet c. Both of the above d. None of the above

Explanation / Answer

Q41 Answer is b. Accounts receivable Q42. Answer is a. Deducted from balance in depositer's record Q43. Answer is b. Dducted from balance per the depositors record. Q44. Answer is b. $ 64976 Explanation: balance as per books: 64400 Add: Note collected 1000 Add: Interest revenue earned 6 Less: NSF check -400 Less: Service charges -30 Adjusted balance as per Books 64976 Qq45. Answer is a. Deduct $ 79 from balance per depositors record Q46. Answer is a. matching of revenue and expense in same period.

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