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3. (Points: 1) Determine if each of the foll...

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3. (Points: 1) Determine if each of the following should be recorded as an asset (capital expenditure) or as an expense (revenue expenditure). Matching pairs cost to have store windows washed cost to have store windows removed and replaced with more energy-efficient, double-paned windows cost of adding new wing to factory building cost of routine maintenance on factory truck cost to overhaul engine on factory truck; this overhaul is expected to extend life of truck Save Answer 4. (Points: 1) A bank reconciliation should be prepared a. whenever the bank refuses to make a loan to a company. b. when an employee is suspected of fraud. c. by the same person who is authorized to sign company checks. d. to explain any difference between the depositor's cash balance and the bank balance. e. none of the above Save Answer 5. (Points: 1) If a check correctly written for $43 is incorrectly recorded on the company's books as $48, the bank reconciliation should show a. an addition to the bank balance of $5. b. a deduction from the bank balance of $5. c. an addition to the book balance of $5. d. a deduction from the book balance of $5. e. none of the above Save Answer 6. (Points: 1) Brazos Supply Company just received the monthly bank statement from its bank. The bank statements shows an ending cash balance of $45,000. Additional information pertaining to the bank account: outstanding checks total $20,000 deposit in transit amounts to $5,000 bank service charges are $35 NSF check returned with the bank statement amounts to $250 ending Cash balance per company books, $?? What is the company's actual or true cash balance at the end of the month? a. $25,000 b. $30,000 c. $29,715 d. $29,750 e. none of the above Save Answer 7. (Points: 1) Refer to the information for Brazos Supply Company above. How should outstanding checks be treated in the bank reconciliation? a. deducted from balance per books b. added to balance per books c. deducted from balance per bank d. added to balance per bank e. none of the above Save Answer 8. (Points: 1) Refer to the information above for Brazos Supply Company. Which of the following reconciliation items would require a journal entry by Brazos Supply? a. outstanding checks and deposits in transit b. NSF check and deposits in transit c. outstanding checks and bank service charges d. bank services charges and NSF check e. all of the above Save Answer 9. (Points: 1) Refer to the information above for Brazos Supply Company. What was the cash balance in the company's accounting records before the company began the bank reconciliation? a. $30,285 b. $30,250 c. $45,250 d. $25,285 e. none of the above Save Answer 10. (Points: 1) Bad debts expense is considered a. an avoidable cost in doing business on a credit basis. b. a weakness in management policies. c. a necessary risk of doing business on a credit basis. d. avoidable unless there is an economic recession.,homework is due at 1:30 any way you can finish it by then?

 

Paper#7697 | Written in 18-Jul-2015

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