Topic: Days’ Sales Uncollected
92.
A company had net sales of $21,500 and ending accounts receivable of $2,700 for the
current period. Its days’ sales uncollected equals:
93.
Freeman Co. had net sales of $4.2 million and ending accounts receivable of $0.8 million.
Its days’ sales uncollected equals:
94.
The following information is taken from Reagan Company’s December 31 balance sheet:
$8,419
70,422
60,362
4,100
$14,950
86,638
9,500
If net credit sales for the current year were $612,000, the firm’s days’ sales uncollected
for the year is:
95.
An income statement account that is used to record cash overages and cash shortages
arising from petty cash transactions or from errors in making change is titled:
96.
A set of procedures and approvals for verifying, approving and recording obligations for
eventual cash disbursement, and for issuing checks for payment only of verified, approved,
and recorded obligations is referred to as a(n):
97.
Internal control procedures for cash receipts require all of the following
except
:
98.
The Cash Over and Short account:
99.
The voucher system of control:
100.
A voucher is an internal document or file:
101.
Which of the following procedures would weaken control over cash receipts that arrive
through the mail?
102.
At the end of the day, the cash register’s record shows $1,050, but the count of cash in the
cash register is $1,055. The correct entry to record the cash sales and its overage is
103.
At the end of the day, the cash register tape shows $1,020 in cash sales but the count of
cash in the register is $1,035. The proper entry to record cash sales and its overage is:
104.
A key factor in a voucher system includes all of the following
except
:
105.
The entry to establish a petty cash fund includes:
106.
Ferguson Co. decides to establish a petty cash fund with a beginning balance of $200. The
company decides that any purchase under $25 can be processed through petty cash
instead of the voucher system. The journal entry to record establishing the account is:
107.
The entry to record reimbursement of the petty cash fund for postage expense should
include:
108.
Ferguson Co. has a $200 petty cash fund. At the end of the first month the accumulated
receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for
miscellaneous expenses. The fund has a balance of $18. The journal entry to record the
reimbursement of the account includes a:
109.
When a petty cash fund is in use:
110.
When reimbursing the petty cash fund:
111.
Assume that the custodian of a $450 petty cash fund has $64.50 in coins and currency
plus $382.50 in receipts at the end of the month. The entry to replenish the petty cash
fund will include:
112.
Assume that the custodian of a $450 petty cash fund has $62.50 in coins and currency
plus $382.50 in receipts at the end of the month. The entry to reimburse the petty cash
fund will include:
113.
A company wants to decrease its $200 petty cash fund to $175. The entry to reduce the
fund is:
114.
A company had $43 missing from petty cash that was not accounted for by petty cash
receipts. The correct procedure when reimbursing the fund is to:
115.
Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows
$68 in cash along with receipts for the following expenditures: postage, $74;
transportation-in, $29; and miscellaneous expenses, $59. Meng uses the perpetual system
in accounting for merchandise inventory. The journal entry to establish the fund on
January 1 is:
6-58
116.
Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows
$68 in cash along with receipts for the following expenditures: postage, $74;
transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system
in accounting for merchandise inventory. The journal entry to reimburse the fund on
January 8, is:
117.
Meng Co. establishes a $250 petty cash fund on January 1. On January 8, the fund shows
$68 in cash along with receipts for the following expenditures: postage, $74;
transportation-in, $49; and miscellaneous expenses, $59. Meng uses the perpetual system
in accounting for merchandise inventory. If Meng decides to increase the Petty Cash fund
to $300 on January 15, the journal entry is:
118.
Rosemond Company establishes a $300 petty cash fund on September 9. On September
30, the fund shows $54 in cash along with receipts for the following expenditures: office
supplies, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty
cashier could not account for a $3 shortage in the fund. The September 9 journal entry to
establish the fund is.