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Unit 4
unit 4
30
Accounting
11th Grade
01/02/2012

Additional Accounting Flashcards

 


 

Cards

Term

Scenario 4.01 B

On October 29 of the current year, McDowell Company received a bank statement dated October 28.  The following information is obtained from the bank statement and from the records of the business:

 

Bank statement balance

$1,625.00

Outstanding checks:

 

 

Bank service charge

3.00

   No. 123

$ 80.00

 

 

Outstanding deposit, October 28

300.00

   No. 125

75.00

 

 

Checkbook balance on Check Stub No. 126

$1,477.00

 

1.

In Scenario 4.01 B, calculate the adjusted checkbook balance. (NCCTE.9_12.BE.6311.CA04.01)

Definition
 

B. 

$1,474.00

Term

On December 3, Union Manufacturing Company received a bank statement dated November 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$3,425.00

Outstanding checks:

 

 

Bank service charge

$4.50

   No. 290

$187.50

 

 

Outstanding deposits:

 

   No. 294

$67.50

 

 

November 29

$300.00

 

 

 

 

November 30

$400.00

 

 

 

 

Checkbook balance on Check Stub No. 296

$3,874.50

 

Definition
Debit Miscellaneous Expense $4.50, Credit Cash $4.50
Term

Please use the following situation for this question.

Scenario 4.01 F

On February 28 of the current year, Yancey Company received a bank statement dated February 27.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$3,500.00

Outstanding checks:

 

 

Bank service charge

$3.50

   No. 234

$100.00

 

 

Outstanding deposits:

 

   No. 235

$90.00

 

 

February 27

$500.00

 

 

 

 

February 28

$200.00

 

 

 

 

Checkbook balance on Check Stub No. 237

$3,873.00

 

Definition
No, the adjusted checkbook balance is $140.50 too low.
Term

Scenario 4.01 G

On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$1,350.00

Outstanding checks:

 

 

Bank service charge

$5.00

   No. 250

$95.00

 

 

Outstanding deposits:

 

   No. 251

$175.00

 

 

July 30

$250.00

 

 

 

 

Checkbook balance on Check Stub No. 252

$1,335.00

 

4.

In Scenario 4.01 G, does the bank statement reconcile? (NCCTE.9_12.BE.6311.CA04.01)

Definition
Yes, the adjusted checkbook balance and the adjusted bank balance agree.
Term

Scenario 4.01 H

On August 31 of the current year, Brunswick Builders received a bank statement dated August 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$1,485.00

Outstanding checks:

 

 

Bank service charge

$3.75

   No. 347

$55.00

 

 

Outstanding deposits:

 

   No. 352

$28.00

 

 

Aug 30

$50.00

 

 

 

 

Checkbook balance on Check Stub No. 354

$1,468.00

 

5.

In Scenario 4.01 H, assuming that the bank balance is correct, does the bank statement reconcile? (NCCTE.9_12.BE.6311.CA04.01)

Definition
No, the adjusted checkbook balance is $12.25 too high.
Term
On December 23, Wake Incorporated received notice from the bank of a dishonored check from Davie Company in the amount of $125.00. The bank charged a service fee of $25.00. What is the correct journal entry for Wake Incorporated to record the dishonored check? (NCCTE.9_12.BE.6311.CA04.01)
Definition

Debit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00

Term

Scenario 4.01 D

On December 3, Union Manufacturing Company received a bank statement dated November 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$3,425.00

Outstanding checks:

 

 

Bank service charge

$4.50

   No. 290

$187.50

 

 

Outstanding deposits:

 

   No. 294

$67.50

 

 

November 29

$300.00

 

 

 

 

November 30

$400.00

 

 

 

 

Checkbook balance on Check Stub No. 296

$3,874.50

 

7.

In Scenario 4.01 D, what is the adjusted checkbook balance? (NCCTE.9_12.BE.6311.CA04.01)

Definition
$3,870.00
Term

Scenario 4.01 F

On February 28 of the current year, Yancey Company received a bank statement dated February 27.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$3,500.00

Outstanding checks:

 

 

Bank service charge

$3.50

   No. 234

$100.00

 

 

Outstanding deposits:

 

   No. 235

$90.00

 

 

February 27

$500.00

 

 

 

 

February 28

$200.00

 

 

 

 

Checkbook balance on Check Stub No. 237

$3,873.00

 

8.

In Scenario 4.01 F, what is the adjusted bank balance? (NCCTE.9_12.BE.6311.CA04.01)

Definition
$4,010.00
Term

On October 31, Cherokee Company received a bank statement showing the following information: 

               Bank statement balance          $4,375.00                     

               Bank service charge                    $25.00                       

                                       

The records of the business show the following information:

            Outstanding deposit, Oct. 29        $500.00          Outstanding checks:

            Outstanding deposit, Oct. 30        $175.00                      No. 329 $325.00

                                                                                               No. 330 $125.00

                                                                                               No. 331   $75.00

 

Assuming that the bank statement balance is correct, what is the correct Cash account balance on October 31?

(NCCTE.9_12.BE.6311.CA04.01)

Definition
$4,525.00
Term

Scenario 4.01 H

On August 31 of the current year, Brunswick Builders received a bank statement dated August 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$1,485.00

Outstanding checks:

 

 

Bank service charge

$3.75

   No. 347

$55.00

 

 

Outstanding deposits:

 

   No. 352

$28.00

 

 

Aug 30

$50.00

 

 

 

 

Checkbook balance on Check Stub No. 354

$1,468.00

 

10.

In Scenario 4.01 H, calculate the adjusted bank balance. (NCCTE.9_12.BE.6311.CA04.01)

Definition
$1,452.00
Term

Scenario 4.01 B

On October 29 of the current year, McDowell Company received a bank statement dated October 28.  The following information is obtained from the bank statement and from the records of the business:

 

Bank statement balance

$1,625.00

Outstanding checks:

 

 

Bank service charge

3.00

   No. 123

$ 80.00

 

 

Outstanding deposit, October 28

300.00

   No. 125

75.00

 

 

Checkbook balance on Check Stub No. 126

$1,477.00

 

11.

In Scenario 4.01 B, what is the journal entry to record the bank service charge? (NCCTE.9_12.BE.6311.CA04.01)

Definition
Debit Miscellaneous Expense $3.00; credit Cash $3.00
Term

Scenario 4.01 G

On July 31 of the current year, Beaufort Brothers received a bank statement dated July 30.  The following information is obtained from the bank statement and from the records of the business:

 

 

Bank statement balance

$1,350.00

Outstanding checks:

 

 

Bank service charge

$5.00

   No. 250

$95.00

 

 

Outstanding deposits:

 

   No. 251

$175.00

 

 

July 30

$250.00

 

 

 

 

Checkbook balance on Check Stub No. 252

$1,335.00

 

12.

In Scenario 4.01 G, calculate the adjusted bank balance. (NCCTE.9_12.BE.6311.CA04.01)

Definition
$1,330.00
Term

On March 31, Iredell Company received a bank statement showing the following information. 

                   Bank statement balance                 $2,345.00                             

                   Bank service charge                             $15.00                                

                                                   

The records of the business show the following information:

                Outstanding deposit, Mar. 29               $250.00              Outstanding checks:

                                                                                                                                No. 288  $225.00

                                                                                                                                No. 289    $25.00

Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?

(NCCTE.9_12.BE.6311.CA04.01)

Definition
2,345.00
Term
On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check? (NCCTE.9_12.BE.6311.CA04.01)
Definition
Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00
Term
On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check? (NCCTE.9_12.BE.6311.CA04.01)
Definition
Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00
Term

Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)

Definition
Debit Petty Cash $500 and credit Cash $500
Term
Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $45, debit Supplies $25 and credit Cash $70
Term
David wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $36; and postage (Office Expense), $27. A cash count shows $87 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Office Expense $27, debit Supplies $36 and credit Cash $63
Term
Scott wants to replenish the $225 petty cash fund. He has receipts for the following total payments: supplies, $35; and repairs, $15. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $15, debit Supplies $35 and credit Cash $50
Term
Claire wants to establish a $250 petty cash fund for her business. She requested a check for $250. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Petty Cash $250 and credit Cash $250
Term
Timothy wants to replenish the $300 petty cash fund. He has receipts for the following total payments: postage (Office Expense), $35; supplies, $25; and repairs, $95. A cash count shows $160 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15
Term
Michelle wants to replenish the $300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), $40; supplies, $25; and repairs, $45. A cash count shows $175 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125
Term
Emily wants to replenish the $300 petty cash fund. She has receipts for the following total payments: supplies, $55; and repairs, $35. A cash count shows $195 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $35, debit Supplies $55, debit Cash Short and Over $15, and credit Cash $105
Term
Steve wants to replenish the $200 petty cash fund. He has receipts for the following total payments: supplies, $18; and repairs, $32. A cash count shows $145 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55
Term
Daniel wants to replenish the $250 petty cash fund. He has receipts for the following total payments: postage, $34; and repairs, $76. A cash count shows $100 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $76, debit Office Expense $34, debit Cash Short and Over $40, and credit Cash $150
Term
Joseph wants to replenish the $150 petty cash fund. He has receipts for the following total payments: supplies, $75; and repairs, $43. A cash count shows $40 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)
Definition
Debit Repair Expense $43, debit Supplies $75, and credit cash $110, credit Cash Short and Over $8
Term

Jessica wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $85; and repairs, $55. A cash count shows $75 in the petty cash box. What is the correct journal entry to record the transaction? (NCCTE.9_12.BE.6311.CA04.02)

Definition
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Term

Sneaker's Grill pays its employees weekly. Taxes are withheld based on the following percentages. Federal Income Tax withholding is calculated using the IRS Tax Tables.

Social Security Withholding: 6.20%
Medicare Withholding: 1.45%
Federal Income Tax Withholding: Tax Withholding Tables
State Income Tax Withholding: 6.50%

Employee Name

Marital Status

Allowances

Gross Pay

Sally Smith

M

0

$425.00

Kevin Coffey

S

1

$600.00

 

 

 

FIGURE 4.03 C

 

28.

In FIGURE 4.03 C, what is the Social Security withholding for Sally? (NCCTE.9_12.BE.6311.CA04.03)

Definition
$26.35
Term
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay? (NCCTE.9_12.BE.6311.CA04.03)
Definition
$173.25
Term
Brandon worked 7 hours on Monday, 8 hours on Tuesday, 10 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 4 hours on Saturday. Brandon's rate of pay is $12 per hour. Calculate Brandon's regular, overtime and total hours for the week. (NCCTE.9_12.BE.6311.CA04.03)
Definition
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
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