College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 7, Problem 1MC
To determine
Identify the option that can be added to the ending book balance.
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An adjusting entry is required for:
Select one:
a. Deposit in transit.
O b.Outstanding checks.
O c Bank errors.
O d. Collection of a note by the bank.
Discuss, using practical example the effect of prepayment figures on the preparation of a financial statement?
Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances.?
Discuss, using practical example how revenue expenditure should not be capitalized ?
The adjusting entry to record an NSF check includes
a credit to accounts payable
a debit to vash
a debit to accounts receivable
a debit to miscellaneous expense
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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Similar questions
- What type of entry will decrease the normal balances of the general ledger accounts Interest Receivable and Fees * ?Receivable Adjusting Credit Debit (arrow_forwardWhat is the normal procedure for handling the collectionof accounts receivable previously written off usingthe direct write-off method? The allowance method?arrow_forwardAccounts receivable retention must be included in the calculations for the collection period? True or false. If true explain why? If False, explain why not?arrow_forward
- Why must the Accounts Receivable account in the general ledger match the totals of all the subsidiary Accounts Receivable accounts?arrow_forwardThe notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. Overstatedarrow_forward6. Unreleased checks * a. Should be treated as outstanding checks b. Should be restored to the cash balance c. Should be treated as outstanding checks if the date is shortly after the balance sheet d. Should be treated as outstanding checks if they are ultimately encashedarrow_forward
- A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable b.Supplies c.Salaries Expense d.Accounts Receivablearrow_forwardWhich of the following checks can not be encashed but instead merely deposited? Stale check Crossed check Dishonored check Post dated checkarrow_forwardDoes it go under balance per bank statement or balance per books for reconciliation worksheet?arrow_forward
- Answer the following questions about recording uncollectible Accounts Receivable (A/R): a) Describe both the direct write-off method and the allowance method of recognizing uncollectible accounts receivable. In your descriptions, be sure to identify the specific major difference between the approach taken for each method when recording uncollectible A/R. b) Which method is in accordance with GAAP? Discuss the reasons why the other method is not in accordance with GAAP.arrow_forwardWhich is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding Checksarrow_forwardWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank chargesarrow_forward
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