2024 – Question 1 The following information pertains to Crane Video Company 1 Cash balance per
Accounting – 2024
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Question 2
Information related to Mingenback Company for 2014 is summarized below.
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Total credit sales |
$2,478,000 |
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Accounts receivable at December 31 |
844,000 |
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Bad debts written off |
32,200 |
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What amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts? |
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Assume that Mingenback Company estimates its bad debt expense to be 3% of credit sales. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $4,400? $ |
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Assume that Mingenback Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $3,200? $ |
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(d) |
Assume that Mingenback Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts debit balance of $3,200? $ |
Warning
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Question 4
If a check correctly written and paid by the bank for $427 is incorrectly recorded on the company’s books for $472, the appropriate treatment on the bank reconciliation would be to
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add $45 to the bank’s balance. |
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add $45 to the book’s balance. |
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deduct $427 from the book’s balance. |
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deduct $45 from the bank’s balance. |
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Question 5
Jukebox Company had checks outstanding totaling $10,800 on its June bank reconciliation. In July, Jukebox Company issued checks totaling $77,800. The July bank statement shows that $76,600 in checks cleared the bank in July. A check from one of Jukebox Company’s customers in the amount of $1,000 was also returned marked “NSF.” The amount of outstanding checks on Jukebox Company’s July bank reconciliation should be
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$11,000. |
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$1,200. |
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$12,000. |
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[removed]$13,000. |
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Question 6 Each of the following items affect the cash balance per books except
Question 7 A customer charges a treadmill at Annie’s Sport Shop. The price is $4,000 and the financing charge is 6% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer’s account. What is the amount of the finance charge?
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Question 8 A customer charges a treadmill at Annie’s Sport Shop. The price is $4,000 and the financing charge is 9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer’s account. The accounts affected by the journal entry made by Annie’s Sport Shop to record the finance charge are
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Question 9 Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, n/30. On July 20 Eureka Co. returns merchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received?
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