College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 7, Problem 2MC
To determine
Identify the option that can be subtracted from the ending book balance.
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Which of the following will increase the balance of accounts receivable?
Group of answer choices
Note discounted was dishonored by issuer at due date.
Receipts of notes receivable as settlement of outstanding customer account.
Sale of goods for cash.
Collection of outstanding receivables.
Which one of the following would not appear on a bank statement for a chequing account?
a.Deposits
b.Interest earned
c.Service charges
d.Outstanding cheques
6. The adjusted bank balance is higher than the unadjusted book balance. Which of the following items is not yet reconciled?
Bank service charge
a.
b.
Deposit in transit
Outstanding check
Interest earned
C.
d.
7. The adjusted book balance is lower than the unadjusted bank balance. Which of the following items is not yet reconciled?
a.
Bank service charge
b.
Deposit in transit
Outstanding check
Interest earned
C.
d.
8.
a.
b.
C.
d.
This is allowance for expected uncollectability that is an inherent risk from selling on credit.
Credit Risk
Sales Allowance
Doubtful Account
Sales Return
Chapter 7 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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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- 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 Accountsarrow_forwardDebit order is an example of an adjusting difference. True or False Bank understates a deposit on the bank statement is an example of a timing difference. True or Falsearrow_forwardIf a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown on the bank reconciliation as a O A. $36 deduction from the book balance. O B. $37 addition to the book balance. O C. $36 addition to the book balance. O D. $37 deduction from the book balance.arrow_forward
- What is the normal procedure for handling the collectionof accounts receivable previously written off usingthe direct write-off method? The allowance method?arrow_forwardIf a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown onthe bank reconciliation as aa. $36 deduction from the book balance.b. $37 addition to the book balance.c. $36 addition to the book balance.d. $37 deduction from the book balancearrow_forward7) Adjusting entries are made: A) For the differences between the bank statement cash balance and adjusted cash balance on the bank reconciliation. B) For the difference between the book (financial statement) cash balance and the adjusted cash balance on the bank reconciliation. C) Both A and B are true. D) Neither A, nor B, is true.arrow_forward
- What is the adjusted balance on the bank reconciliation? (See image of additional info)arrow_forward6. Which will not require an adjusting entry on the depositor’s books? a. NSF check from customer b. Check in payment of account payable amounting to P50,000 is recorded by the depositor as P5,000 c. Deposit of another entity credited to the account of the depositor d. Bank service chargearrow_forwardWhich one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earnedarrow_forward
- Which will not require an adjusting entity on the depositor's books? a. Check in payment of accounts payable amounting to P100,000 is recorded by depositors as P10,000 b. Bank service charge c. NSF check from depositor d. Deposit of another entity is credited to the account of the depositorarrow_forward10. This refers to the total amount of money a bank has on deposit before adjusting for uncleared checks or deposits, as well as reserve requirements. Commission Gross Balance Down payment Current increase balancearrow_forwardIf the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? a. Accounts Receivable b. Interest Expense c. Uncollectible Accounts Expense d. Allowance for Doubtful Accountsarrow_forward
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