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:
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|
Bank statement balance
|
$1,625.00
|
Outstanding checks:
|
|
|
|
Bank service charge
|
3.00
|
No. 123
|
$ 80.00
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|
|
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Outstanding deposit, October 28
|
300.00
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No. 125
|
75.00
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Checkbook balance on Check Stub No. 126
|
$1,477.00
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1.
|
In Scenario 4.01 B, calculate the adjusted checkbook balance. (NCCTE.9_12.BE.6311.CA04.01)
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Definition
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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:
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Bank statement balance
|
$3,425.00
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Outstanding checks:
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|
|
|
Bank service charge
|
$4.50
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No. 290
|
$187.50
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|
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Outstanding deposits:
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No. 294
|
$67.50
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|
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November 29
|
$300.00
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November 30
|
$400.00
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Checkbook balance on Check Stub No. 296
|
$3,874.50
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Definition
| Debit Miscellaneous Expense $4.50, Credit Cash $4.50 |
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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:
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Bank statement balance
|
$3,500.00
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Outstanding checks:
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|
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Bank service charge
|
$3.50
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No. 234
|
$100.00
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|
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Outstanding deposits:
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No. 235
|
$90.00
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|
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February 27
|
$500.00
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|
|
|
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|
February 28
|
$200.00
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|
|
|
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Checkbook balance on Check Stub No. 237
|
$3,873.00
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|
Definition
| No, the adjusted checkbook balance is $140.50 too low. |
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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:
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Bank statement balance
|
$1,350.00
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Outstanding checks:
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|
|
|
Bank service charge
|
$5.00
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No. 250
|
$95.00
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|
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Outstanding deposits:
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No. 251
|
$175.00
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|
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July 30
|
$250.00
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|
|
|
|
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Checkbook balance on Check Stub No. 252
|
$1,335.00
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4.
|
In Scenario 4.01 G, does the bank statement reconcile? (NCCTE.9_12.BE.6311.CA04.01)
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Definition
| Yes, the adjusted checkbook balance and the adjusted bank balance agree. |
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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:
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Bank statement balance
|
$1,485.00
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Outstanding checks:
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|
|
|
Bank service charge
|
$3.75
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No. 347
|
$55.00
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|
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Outstanding deposits:
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No. 352
|
$28.00
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|
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Aug 30
|
$50.00
|
|
|
|
|
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Checkbook balance on Check Stub No. 354
|
$1,468.00
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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)
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Definition
| No, the adjusted checkbook balance is $12.25 too high. |
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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) |
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Definition
|
Debit Accounts Receivable-Davie Company $150.00, Credit Cash $150.00
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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:
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|
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)
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Definition
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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:
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|
Bank statement balance
|
$3,500.00
|
Outstanding checks:
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|
|
|
Bank service charge
|
$3.50
|
No. 234
|
$100.00
|
|
|
|
Outstanding deposits:
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|
No. 235
|
$90.00
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|
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February 27
|
$500.00
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|
|
|
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|
February 28
|
$200.00
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|
|
|
|
|
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)
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Definition
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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) |
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Definition
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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:
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|
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)
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Definition
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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)
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Definition
| Debit Miscellaneous Expense $3.00; credit Cash $3.00 |
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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)
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Definition
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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) |
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Definition
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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) |
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Definition
| Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00 |
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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) |
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Definition
| Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00 |
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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)
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Definition
| Debit Petty Cash $500 and credit Cash $500 |
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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) |
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Definition
| Debit Repair Expense $45, debit Supplies $25 and credit Cash $70 |
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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) |
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Definition
| Debit Office Expense $27, debit Supplies $36 and credit Cash $63 |
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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) |
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Definition
| Debit Repair Expense $15, debit Supplies $35 and credit Cash $50 |
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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) |
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Definition
| Debit Petty Cash $250 and credit Cash $250 |
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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) |
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Definition
| Debit Repair Expense $95, debit Office Expense $35, debit Supplies $25, and credit cash $140, credit Cash Short and Over $15 |
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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) |
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Definition
| Debit Repair Expense $45, debit Supplies $25, debit Office Expense $40 and debit Cash Short and Over $15, and credit Cash $125 |
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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 |
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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) |
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Definition
| Debit Repair Expense $32, debit Supplies $18, debit Cash Short and Over $5, and credit Cash $55 |
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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 |
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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 |
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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)
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|
|
Definition
| Debit Repair Expense $55, debit Supplies $85, and credit Cash $125, credit Cash Short and Over $15 |
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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)
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|
|
Definition
|
|
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) |
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Definition
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|
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) |
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Definition
| 40 Regular Hours, 8 Overtime Hours, and 48 Total Hours |
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|
