ACC Lesson 9 & 6 TEST

Front

On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $250.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?

Back

Debit Accounts Receivable-Wilkes Company $275.00; credit Cash $275.00

Front

In Figure F, does the bank statement reconcile?

Back

No, the adjusted checkbook balance is $2,140.50 too low.

Front

In Figure D, what is the journal entry to record the bank service charge?

Back

Debit Miscellaneous Expense $4.50, Credit Cash $4.50

Front

In Figure B, calculate the adjusted checkbook balance.

Back

$1,474.00

Front

Using Figure C, and assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?

Back

$2,345.00

Front

In Figure G, does the bank statement reconcile?

Back

Yes, the adjusted checkbook balance and the adjusted bank balance agree.

Front

If the beginning Supplies balance is $1,200, and the ending Supplies balance is $400, the correct adjustment on the worksheet is to:

Back

debit Supplies Expense and credit Supplies, $800.

Front

On a worksheet, the Income Statement credit total is $2,300 and the Income Statement debit total is $2,800. The company has a:

Back

net loss of $500.

Front

On a worksheet, the Income Statement credit total is $2,500 and the Income Statement debit total is $2,400. The company has a:

Back

net income of $100

Front

At the end of the accounting period, the Supplies account needs to be adjusted by $300 to reflect the supplies that have been used during the period. How is the adjustment recorded on the multi-column trial balance worksheet?

Back

In the Adjustments columns, debit Supplies Expense, $300; credit Supplies, $300.