Question A business purchases $600 worth of furniture. They debit their Furniture Accour $600 correctly, but they also debit their Bank account $600. They don't credit any accounts. If the Bank account had $2,000 in the account before the error, what can was say about the account balance after the error? HINT: Draw some T- accounts to help you. * O The Bank Account balance is correct. O The Bank Account balance is overstated by $600 from what it should be. The Bank Account balance is overstated by $1,200 from what it should be. Back Next Page 20 of 25 Clear fort

Accounting is an information and measurement system that does all of the following except. f2 W Multiple Choice O O BH # Records business activities. Identifies business activities. 3 Communicates business activities. Eliminates the need for interpreting financial data. Helps people make better decisions. f3 E S f4 63 R 15 % 5 8 f6 T A 19 8 1- ( T

Elaborate and discuss the following quetions 1. While you are working as a bookkeeper in retail company, Sage 50 is giving you a warning message that the customer has exceeded his credit limit. What would you do? How would you advice your manager as a professional? 2. What is overdraft and how does it happen? 3. What is a Cash Flow Report? What does it help us? 4. Explain the concept of aging in customer accounts? 5. How do you record a Senior's Discount?

Question 1 The following internal control procedures are followed in Trisha’s Office Supplies: (a) Cash and Banking Johanne has been working as the cashier for Trisha’s Office Supplies for the last five years and apart from receiving and recording cash received, she also prepares banking and does deposits in the bank. (b)Debtors and Creditors There were several occasions when sales staffs have approved large credit sales and recently business’s bad debts have significantly increased. (c)Fixed Assets The business has three delivery vans and the drivers are allowed to keep the van after work and during the weekends. Recently it is noticed that there is high cost of van repairs and maintenance and fuel consumption while the sales have declined. (d)Inventory There are no perpetual records in Trisha’s Office Supplies, the store clerk does not keep records of goods received or issued. A physical count is done on a monthly basis by the store clerk under supervision. (e)Wages and…

Internal Control-Fraud Triangle Identify the fraud triangle risk factor (opportunity-O, pressure-P or rationalization-R) in each situation. 1. 2. 3. Employeees are told to report increased income or be fired. Several sales clerks share the same cash drawer. A worker did not receive a bonus this year and now feels it's okay to use the company credit cared for personal expenses. 4. Doors safeguarding valuable merchandise are not locked with a passcode. An employee feels underpaid and believes stealing inventory is justified. 5.

nOD Well you have understood the lessons by working on some of the enrichment activity/ies below. Good luck! Deepen Activity 1: Transaction Analysis You own and operate a business that seills goods to other businesses. You allow established customers to buy goods from you on account, meaning you let them charge purchases and offer terms of 2/10, n/30. Record the following transactions in the sales journal and cash receipts journal: July 1 Sales on credit to DJ Vera Co. amounting to Php7,200.00, Invoice #123 July 9 Sales on credit to J. Tonesa Inc., amounting to Php5,200, Invoice # 124 2/10; n/30 July 16 Receive Php7,200 from DJ Vera Co. (did not receive during the discount period) July 17 Sales on credit to A. Caoile amounting to Php3,780, Invoice 125 July 18 Received the whole amount from J. Tonesa within the discount period Great job! You have understood the lesson well! ready to take the final assessment? Are

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Kimmel, Financial Accounting, 8e • Help I System Announcements Exercise 8- Your answer is partially correct. Try again. On May 10, Whispering Winds Corp. sold merchandise for $24,000 and accepted the custormer's Best Business Bank MasterCard. MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4% service charge for credit c Prepare the entry on Whispering Winds Corp.'s books to record the sale of merchandise. (Credit account titles are automatic- not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Accounts Receivable 24000 Service Charge Expense 960 Cash 24960 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT

Accounting II Project Wendover Fashions The purpose this problem is to combine concepts from different chapters into a single problem. Thus, you will find in this problem transactions for notes & interest, bad debts, merchandise inventory, plant assets, and accruals and deferrals. Lori Sweat owns Wondayex Fashions, a small and successful firm. She uses the allowance method for bad debts, FIFO valuation for its periodic merchandise inventory system, and the straight method to depreciate plant assets on a monthly basis. Relevant account balances as of December 1, 20X1, are as follows: Debit Account Allowance for Doubtful Accounts Accounts Payable Empire Company Livingston Company Jesse Zealif Directions: 1. Record the following selected transactions in a general journal Credit $3,200 8 9 $350 950 800 Dec. 1 1 on account 4 5 Purchased office equipment on credit from Modem Equipment Company For $1,800, plus freight charges of $95' and an installation charge of $ 180. The equipment…