11·Realistic Sound\'s unadjusted bank balance amounted to $3,000. Outstanding ch
ID: 2565941 • Letter: 1
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11·Realistic Sound's unadjusted bank balance amounted to $3,000. Outstanding checks amounted to S500 and deposits transit totaled $300. Based on this information alone, Realistic's adjusted cash balance is a. $3,200 b. $3,300. c. $2,800 d. $2,700. 12. Which of the following situations reflects a weak internal control system? a. All employees are well supervised b. A single employee is responsible for comparing a receiving report to an invoice. c. All employees must take their vacations. A single employee is responsible for ordering inventory and receiving it from the shipper 13. The entry required to recognize the bad debts expense for 2017 will a. increase total assets and retained earnings b. decrease total assets and retained earnings c. decrease total assets and increase net income. d. increase total assets and decrease net income 14. On November 2, 2017, Quaint General Store concluded that a customer's $400 account receivable was unco and that the account should be written off. What effect will this write-off have on Quaint's 2017 net income and sheet totals assuming the allowance method is used to account for bad debts a. Decrease in net income; decrease in total assets b. Increase in net income; no effect on total assets c. No effect on net income; decrease in total assets d. No effect on net income; no effect on total assets The data presented below are for Mellon Corporation for the year ended December 31, 2017 Copyright Cengage Leaning. Powered by Cognero Mellon CorporationExplanation / Answer
Entry : Allowance for doubtful Accounts A/c Dr
Account receivable Cr.
11 Realistic's adjusted cash balance is $ 3,200 ($3,000+500-300) Answer a. $3,200 12 d. A single employee is responsible for ordering inventory and receiving it from shipper 13 b. Decrease total assets and retained earnings 14 No effect on net income ; decrease in total AssetsEntry : Allowance for doubtful Accounts A/c Dr
Account receivable Cr.
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