33. A check involves three parties: A. The writer, the cashier, and the bank. B.

Question

33. A check involves three parties: A. The writer, the cashier, and the bank. B. The maker, the payee, and the bank. C. The maker, the manager, and the payee. D. The bookkeeper, the payee, and the bank. E. The signer, the cashier, and the company 34. A company had net sales of $31,500 and ending accounts receivable of $2,700 fo the current period. Its days' sales uncollected equals: A. 11.7 days. B. 23.3 days. C. 31.3 days. D. 42.5 days. E. 46.6 days. 35. The Cash Over and Short account: A. Is used to record a credit balance in the cash account B. Is an income statement account used for recording the income effects of cash errors in making change and/or from errors in processing petty cash transactions. C. Is not necessary in a computerized accounting system D. Can never have a debit balance. E. Can never have a credit balance. 10

Explanation / Answer

Q33. Answer is B. the maker, payee and banker Q34. Answer is C. 31.3 days Explanantion: Number of days sales uncollected: Number of days/ Net sales * Accounts reeivable 365*2700/31500 = 31.3 days Q35. Answer is B. Is an income statement account used for recording the income effects of cassh overages and cash shortages from errors in making change and or from errors in processing peety transactions. Q36. Answer is B. Debit cash $ 1245, Debit Cash over and short $ 5 and Credit sales $1250 Q37. Answer is C. A debit to petty cash and a credit to Cash. Q38. Answer is D. Credit to cash $387.50 Explanation: Expenses Accounts (various) Dr. 382.5 Cash Short/Excess Dr. 5       Cash Account 387.5 Q39. Answer is D. Written recorded in the company books sent to payee but have not yet been paid by bank Q40. Answer is E. Add deposit to the bank statement balance. Q41. Answer is D. $ 6520 Explanation: Balance as sper books 6275 Add: Note receivable and interest collected 770 Less: NSF check 480 Less: bank charges paid 45 Adjusted balance as per books 6520

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