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unit 4 acct 1
study guide
51
Accounting
10th Grade
01/04/2012

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Cards

Term
In Scenario 4.01 B, calculate the adjusted checkbook balance.
Definition
$1,474.00
Term
In Scenario 4.01 D, what is the journal entry to record the bank service charge?
Definition
Debit Miscellaneous Expense $4.50, Credit Cash $4.50
Term
In Scenario 4.01 F, does the bank statement reconcile?
Definition
No, the adjusted checkbook balance is $140.50 too low.
Term
In Scenario 4.01 G, does the bank statement reconcile?
Definition
Yes, the adjusted checkbook balance and the adjusted bank balance agree.
Term
In Scenario 4.01 H, assuming that the bank balance is correct, does the bank statement reconcile?
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?
Definition
Debit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00
Term
In Scenario 4.01 D, what is the adjusted checkbook balance?
Definition
$3,870.00
Term
In Scenario 4.01 F, what is the adjusted bank balance?
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
In Scenario 4.01 H, calculate the adjusted bank balance.
Definition
$1,452.00
Term
In Scenario 4.01 B, what is the journal entry to record the bank service charge?
Definition
Debit Miscellaneous Expense $3.00; credit Cash $3.00
Term
In Scenario 4.01 G, calculate the adjusted bank balance.
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?
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?
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?
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?
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?
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
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?
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?
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?
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?
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?
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?
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?
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?
Definition
Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15
Term
In FIGURE 4.03 C, what is the Social Security withholding for Sally?
Definition
$26.35
Term
Matt has gross earnings of $300.00 and total deductions of $126.75. What is Matt's net pay?
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.
Definition
40 Regular Hours, 8 Overtime Hours, and 48 Total Hours
Term
In FIGURE 4.03 C, what is the state income tax withholding for Sally?
Definition
$27.63
Term
In FIGURE 4.03 C, what is the Medicare withholding for Kevin?
Definition
$8.70
Term
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Definition
$84.67
Term
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Definition
Debit Payroll Tax Expense $405.00; credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Term
Burger Barn paid the following taxes: Social Security $240.00, Medicare $110.00, Federal Income Tax $250.00. What is the entry to journalize the payment of the payroll taxes?
Definition
Debit Social Security Tax Payable $240.00, Medicare Tax Payable $110.00, Federal Income Tax Payable $250.00; credit Cash $600.00
Term
Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit State Unemployment Tax Payable $168.00, credit Cash $168.00
Term
WKRP Broadcasting paid state unemployment taxes of $95.00. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit State Unemployment Tax Payable $95.00; credit Cash $95.00
Term
In FIGURE 4.03 B, what are Mark's gross earnings for the pay period?
Definition
$1,077.50
Term
In FIGURE 4.03 B, what are Nick's gross earnings for the pay period?
Definition
$465.00
Term
In FIGURE 4.03 B, what are Daniel's gross earnings for the pay period?
Definition
$468.00
Term
In FIGURE 4.03 B, what are Alison's gross earnings for the pay period?
Definition
$1,634.62
Term
In FIGURE 4.03 C, what is the Medicare withholding for Sally? (
Definition
$6.16
Term
In FIGURE 4.03 C, what is the Social Security withholding for Kevin?
Definition
$37.20
Term
In FIGURE 4.03 C, what is the state income tax withholding for Kevin?
Definition
$39.00
Term
Greg has gross earnings of $245.00, Social Security withholding of $15.19, Medicare withholding of $3.55, federal income tax withholding of $50.00, and state income tax withholding of $15.93. What are Greg's total deductions?
Definition
$84.67
Term
John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company's payroll?
Definition
Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.25
Term
Carson's Candy Shoppe has $2,000.00 in wages, $124.00 in Social Security withholding, $29.00 in Medicare withholding, $500.00 in federal income tax withholding, and $100.00 in state income tax withholding. The federal unemployment tax rate is 0.8%.
FIGURE 4.03 E
In FIGURE 4.03 E, what is the employer's Medicare tax amount for the pay period?
Definition
$ 29.00
Term
In FIGURE 4.03 E, what is the employer's Social Security tax amount for the pay period?
Definition
$124.00
Term
In FIGURE 4.03 E, what is the employer's federal unemployment tax for the pay period?
Definition
$ 16.00
Term
Sports Incorporated has employer payroll taxes as follows: Social Security Tax $225.00, Medicare Tax $125.00 and Federal Unemployment Tax $55.00. What is the entry to record the employer's payroll taxes?
Definition
Debit Payroll Tax Expense $405.00; Credit Social Security Tax Payable $225.00, Medicare Tax Payable $125.00, Federal Unemployment Tax Payable $55.00
Term
WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?
Definition
Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00
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