ah- ELearningThe proper treatment of outstanding cheques Is to report them in the bank reconcilation as which of the following?o a. An addition to the balance as per cash bookO b. A deduction from the balance as per bank statementO C. An addition to the balance as per bank statemento d. A deduction from the balance as per cash bookA OMR 40,000, interest-bearing notes payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity datefor this short term liability?ofO a. April 26O b. March 25O c. March 26O d. April 255.Oman Air purchased aeroplane for OMR 200,000, on July 1, 2015. The company expects the service life of the airplane to be 5 years.During that time, it is expected that the aeroplane's useful life will be 40,000 hours. The anticipated salvage value is OMR 10,000. Theaeroplane is disposed of after five years of use. Calculate the book value of aeroplane as on 31-12-2017? Use declining-balancedepreciation method of charging depreciation at 30%. The accounting year-end is December 31 of each year:out of0 a. OMR 119,000Ob OMR 180,300O c. OMR 170,000O d. OMR 83,300R 4) GCOF7F8F9F10F11F2F3F4F5F6CLIO144

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The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.
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Bug-Off Exterminators CP 11 Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2015. Cash. Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum depreciation-Trucks Equipment Accum depreciation-Equipmenc Accounts payable. Estimated warranty liability. Unearned services revenue Interest payable Long-term notes payable D. Buggs. Capital.. D. Buggs. Withdrawals Extermination services revenue Interest revenue Sales (of merchandise) Cost of goods sold Depreciation expense--Trucks Depreciation expense-Equipment Wages expense Interest expense. Renc expense Bad debts expense Miscellaneous expense Repairs expense. Utilities expense Warranty expense Totals BUG-OFF EXTERMINATORS December 31, 2015 Unadjusted Trial Balance $ 17,000 4.000 11.700 32.000 45,000 10.000 46.300 0 0 35,000 0 0 $ 828 12.200…
A company repays its bank borrowings. The entry to record that transaction should be Group of answer choices A debit to bank borrowings and a credit to cash A debit to cash and a credit to bank borrowings.
46.The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to a. Cash b. Notes Receivable c. Accounts Receivable d. Allowance for Doubtful Accounts
(I) WHAT ARE THE BANK RECONCILING ITEMS? DESCRIBE EACH. DECRIBE IN A SHORT WAY. NO NEED LONG EXPLANATION.
Receivables are claims that are expected to be collected in cash, and are frequently classified as accounts receivable. O notes receivable. O other receivables. O all of the above.
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A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be: a. Added to the book balance of cash b. Deducted from the book balance of cash c. Added to the bank balance of cash d. Deducted from the bank balance of cash e. Not included as a reconciling item
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