112学期期中考试试卷
陈安之语录-少先队建队节
112学期《会计学原理》期中考试
(考试时间:9:00-11:20)(2小时20分钟)
PART I MULTIPLE
CHOICE (32 POINTS)
1. The area of accounting
aimed at serving the decision making needs of
internal users is:
A. Financial accounting.
B. Managerial accounting.
C. External
auditing.
D. SEC reporting.
E.
Bookkeeping.
2. The accounting guideline
that requires financial statement information to
be supported by independent,
unbiased evidence
other than someone's belief or opinion is the:
A. Business entity principle.
B.
Monetary unit principle.
C. Going-concern
principle.
D. Cost principle.
E. Objectivity principle.
3. A
corporation:
A. Is a business legally
separate from its owners.
B. Is controlled by
the FASB.
C. Has shareholders who have
unlimited liability for the acts of the
corporation.
D. Is the same as a limited
liability partnership.
E. All of these.
accounting assumption that requires every
business to be accounted for separately from other
business entities, including its owner or
owners is known as the:
A. Objectivity
principle.
B. Business entity
assumption.
C. Going-concern assumption.
D. Revenue recognition principle.
E.
Cost principle.
5. A ledger is:
A.
A record containing increases and decreases in a
specific asset, liability, equity, revenue, or
expense
item.
B. A journal in which
transactions are first recorded.
C. A
collection of documents that describe transactions
and events entering the accounting process.
D.
A list of all accounts with their debit balances
at a point in time.
E. A record containing all
accounts and their balances used by a company.
6. Which of the following statements is
incorrect?
A. The normal balance of accounts
receivable is a debit.
B. The normal balance
of owner's withdrawals is a debit.
【第 1 页 共 9
页】
C. The normal balance of
unearned revenues is a credit.
D. The normal
balance of an expense account is a credit.
E.
The normal balance of the owner's capital account
is a credit.
7. The following
transactions occurred during July:
1) Received
$$900 cash for services provided to a customer
during July.
2) Received $$2,200 cash
investment from Barbara Hanson, the owner of the
business.
3) Received $$750 from a customer in
partial payment of his account receivable which
arose from sales
in June.
4) Provided
services to a customer on credit, $$375.
5)
Borrowed $$6,000 from the bank by signing a
promissory note.
6) Received $$1,250 cash from
a customer for services to be rendered next year.
What was the amount of revenue for July?
A. $$ 900. B. $$ 1,275. C. $$
2,525. D. $$ 3,275. E. $$11,100.
8. If Tim Jones, the owner of Jones Hardware
proprietorship, uses cash of the business to
purchase a
family automobile, the business
should record this use of cash with an entry to:
A. Debit Salary Expense and credit Cash.
B. Debit Tim Jones, Salary and credit Cash.
C. Debit Cash and credit Tim Jones,
Withdrawals.
D. Debit Tim Jones, Withdrawals
and credit Cash.
E. Debit Automobiles and
credit Cash.
9. During the month of
March, Cooley Computer Services made purchases on
account totaling $$43,500.
Also during the
month of March, Cooley was paid $$8,000 by a
customer for services to be provided in the
future and paid $$36,900 of cash on its
accounts payable balance. If the balance in the
accounts payable
account at the beginning of
March was $$77,300, what is the balance in accounts
payable at the end of
March?
A. $$83,900.
B. $$91,900. C. $$6,600. D. $$75,900. E.
$$4,900.
10. The accrual basis of
accounting:
A. Is generally accepted for
external reporting because it is more useful than
cash basis for most business
decisions.
B.
Is flawed because it gives complete information
about cash flows.
C. Recognizes revenues when
received in cash.
D. Recognizes expenses when
paid in cash.
E. Eliminates the need for
adjusting entries at the end of each period.
11. Which of the following statements is
incorrect?
A. Adjustments to prepaid
expenses, depreciation, and unearned revenues
involve previously recorded
assets and
liabilities.
B. Accrued expenses and accrued
revenues involve assets and liabilities that had
not previously been
recorded.
C. Adjusting
entries can be used to record both accrued
expenses and accrued revenues.
D. Prepaid
expenses, depreciation, and unearned revenues
often require adjusting entries to record the
【第 2 页 共 9 页】
effects of the
passage of time.
E. Adjusting entries affect
the cash account.
12. If a company
mistakenly forgot to record depreciation on office
equipment at the end of an accounting
period,
the financial statements prepared at that time
would show:
A. Assets overstated and equity
understated.
B. Assets and equity both
understated.
C. Assets overstated, net income
understated, and equity overstated.
D. Assets,
net income, and equity understated.
E. Assets,
net income, and equity overstated.
13.
Closing the temporary accounts at the end of each
accounting period:
A. Serves to transfer the
effects of these accounts to the owner's capital
account on the balance sheet.
B. Prepares the
withdrawals account for use in the next period.
C. Gives the revenue and expense accounts zero
balances.
D. Causes owner's capital to reflect
increases from revenues and decreases from
expenses and
withdrawals.
E. All of these.
14. The usual order for the asset section
of a classified balance sheet is:
A. Current
assets, prepaid expenses, long-term investments,
intangible d expense属于
current assets
B.
Long-term investments, current assets, plant
assets, intangible assets.
C. Current assets,
long-term investments, plant assets, intangible
assets.
D. Intangible assets, current assets,
long-term investments, plant assets.
E. Plant
assets, intangible assets, long-term investments,
current assets.
15. A company purchased
$$4,000 worth of merchandise. Transportation costs
were an additional $$350.
The company later
returned $$275 worth of merchandise and paid the
invoice within the 2% cash discount
period.
The total amount paid for this merchandise is:
A. $$3,725. B. $$3,925. C. $$3,995.
D. $$4,000.50. E. $$4,075.
16. Which
of the following inventory costing methods will
always result in the same values for ending
inventory and cost of goods sold regardless of
whether a perpetual or periodic inventory system
is used?
A. FIFO and LIFO
B. LIFO and
weighted-average cost
C. Specific
identification and FIFO
D. FIFO and weighted-
average cost
E. LIFO and specific
identification
17. The conservatism
constraint:
A. Requires that when multiple
estimates of amounts to be received or paid in the
future are equally likely,
then the least
optimistic amount should be used.
B. Requires
that a company use the same accounting methods
period after period.
C. Requires that revenues
and expenses be reported in the period in which
they are earned or incurred.
【第 3 页 共 9 页】
D. Requires that all items of a
material nature be included in financial
statements.
E. Requires that all inventory
items be reported at full cost.
18.
Assume that a company uses a sales journal, a
purchases journal, a cash receipts journal, a cash
disbursements journal, and a general journal.
A sales return for credit on account would be
recorded in
the:
A. Sales journal.
B.
General journal.
C. Cash receipts journal.
D. Accounts receivable ledger.
E. Cash
disbursements journal.
19. A properly
designed internal control system:
A. Lowers
the company's risk of loss.
B. Insures
profitable operations.
C. Eliminates the need
for an audit.
D. Requires the use of non-
computerized systems.
E. Is not necessary if
the company uses a computerized system.
20. When two clerks share the same cash
register it is a violation of which internal
control principle?
A. Establish
responsibilities.
B. Maintain adequate
records.
C. Insure assets.
D. Bond key
employees.
E. Apply technological controls.
21. After posting is completed, there may
be an error if:
A. The sum of the customer
account balances does not equal the total in the
sales journal.
B. The sum of the accounts
receivable ledger does not equal the balance in
the Sales account.
C. The sum of the customer
account balances does not equal the general ledger
Accounts Receivable
controlling account
balance.
D. The balance in the sales journal
does not equal the Accounts Receivable account
balance.
E. The sum of the accounts receivable
ledger does not equal the balance in the sales
journal.
22. Cash equivalents:
A.
Include savings accounts.
B. Include checking
accounts.
C. Are short-term investments
sufficiently close to their maturity date that
their value is not sensitive to
interest rate
changes.
D. Include time deposits.
E. Have
no immediate value.
23. When a petty cash
fund is in use:
A. Expenses paid with petty
cash are recorded when the fund is replenished.
B. Petty Cash is debited when funds are
replenished.
C. Petty Cash is credited when
funds are replenished.
【第 4 页 共 9 页】
D. Expenses are not recorded.
E. Cash is debited when funds are replenished.
24. For which item does a bank NOT issue
a debit memorandum?
A. To notify a depositor
of all withdrawals through an ATM.
B. To
notify a depositor of a fee assessed to the
depositor's account.
C. To notify a depositor
of a uncollectible check.
D. To notify a
depositor of periodic payments arranged in
advance, by a depositor.
E. To notify a
depositor of a deposit to their account.
25. Martha Company has an established petty
cash fund in the amount of $$500. The fund was last
reimbursed on November 30. At the end of
December, the fund contained the following petty
cash
receipts:
If, in
addition to these receipts, the petty cash fund
contains $$301 of cash, the journal entry to
reimburse
the fund on December 31 will
include:
A. A debit to Transportation-In of
$$73.
B. A debit to Transportation-Out of $$73.
C. A credit to Office Supplies of $$66.
D.
A credit to Cash Over and Short of $$10.
E. A
debit to Cash Over and Short of $$10.
26. The following information is available for
Holland Company at December 31:
Based on this information, Holland Company
should report Cash and Cash Equivalents on
December 31
of:
A. $$35,421 B. $$50,421
C. $$37,546 D. $$36,246 E. $$40,439
【第 5 页 共 9 页】
27. Louise
Company reported the following income statement
information for Year 1 and Year 2:
The beginning inventory balance for Year
1 is correct. The ending inventory balance for
Year 2 is also
correct. However, the ending
inventory figure for Year 1 was overstated by
$$20,000. Given this
information, the correct
gross profit figures for Year 1 and Year 2 would
be:
A. $$129,000 for Year 1 and $$256,000 for
Year 2.
B. $$281,000 for Year 1 and $$274,000
for Year 2.
C. $$129,000 for Year 1 and
$$276,000 for Year 2.
D. $$169,000 for Year 1
and $$236,000 for Year 2.
E. $$169,000 for Year
1 and $$276,000 for Year 2.
28. A company
has the following per unit original costs and
replacement costs for its inventory:
Part A: 50 units with a cost of $$5, and
replacement cost of $$4.50
Part B: 75 units
with a cost of $$6, and replacement cost of $$6.50
Part C: 160 units with a cost of $$3, and
replacement cost of $$2.50
Under the lower
of cost or market method, the total value of this
company's ending inventory is:
A. $$1,180.00.
B. $$1,075.00.
C. $$1,075.00 or $$1,112.50,
depending upon whether LCM is applied to
individual items or the inventory
as a whole.
D. $$1,112.50.
E. $$1180.00 or $$1075.00,
depending upon whether LCM is applied to
individual items or to the inventory
as a
whole.
Part II PROBLEMS (68 points)
Problem One (26 points)
Ceres Computer
Sales uses the perpetual inventory system and had
the following transactions during
December.
【第 6 页 共 9 页】
Required:
Prepare the general journal
entries to record these transactions.
Problem Two (10 points)
In general journal
form, record the December 31 adjusting entries for
the following transactions and
events. Assume
that December 31 is the end of the annual
accounting period.
a. The Prepaid Insurance
account shows a debit balance of $$2,340,
representing the cost of a three-year
fire
insurance policy that was purchased on October 1
of the current year.
b. The Office Supplies
account has a debit balance of $$400; a year-end
inventory count reveals $$80 of
supplies still
on hand.
c. On November 1 of the current year,
Rent Earned was credited for $$1,500. This amount
represented the
rent earned for a three-month
period beginning November 1.
d. Estimated
depreciation on office equipment is $$600.
e.
Accrued salaries amount to $$400.
Problem
Three(12 points)
【第 7 页 共 9 页】
Following is the year-end adjusted trial
balance for Yakima's Sporting Goods for the
current year:
Required
:
Prepare the closing entries at December 31 for
the current year.
Problem Four(20
points)
Brown Company's bank statement for
September 30 showed a cash balance of $$1,350. The
company's
Cash account in its general ledger
showed a $$995 debit balance. The following
information was also
available as of September
30.
a. A $$125 debit memoranda is
included with the bank statement and dealt with a
customer's check for
$$100 marked NSF and
returned to Brown Company by the bank. In
addition, the bank charged the
company's a $$25
processing fee.
b. The September 30 cash
receipts, $$1,250, were placed in the bank's night
depository after banking hours
on that date
and this amount did not appear on the September 30
bank statement.
c. A $$15 debit memorandum for
checks printed by the September 30 bank was
included with the canceled
checks.
d.
Outstanding checks amounted to $$1,145.
e. A
customer's note for $$900 was collected by the
bank. A collection fee of $$25 was deducted by the
bank and the difference was deposited in the
account.
f. Included with the canceled checks
was a check for $$275, drawn on another company,
Browne Inc.
Required
:
(a)
Prepare a bank reconciliation as of September 30.
(b) Prepare any necessary adjusting journal
entries necessary as a result of the bank
reconciliation.
【第 8 页 共 9 页】
【第 9 页 共 9 页】
112学期《会计学原理》期中考试
(考试时间:9:00-11:20)(2小时20分钟)
PART I MULTIPLE
CHOICE (32 POINTS)
1. The area of accounting
aimed at serving the decision making needs of
internal users is:
A. Financial accounting.
B. Managerial accounting.
C. External
auditing.
D. SEC reporting.
E.
Bookkeeping.
2. The accounting guideline
that requires financial statement information to
be supported by independent,
unbiased evidence
other than someone's belief or opinion is the:
A. Business entity principle.
B.
Monetary unit principle.
C. Going-concern
principle.
D. Cost principle.
E. Objectivity principle.
3. A
corporation:
A. Is a business legally
separate from its owners.
B. Is controlled by
the FASB.
C. Has shareholders who have
unlimited liability for the acts of the
corporation.
D. Is the same as a limited
liability partnership.
E. All of these.
accounting assumption that requires every
business to be accounted for separately from other
business entities, including its owner or
owners is known as the:
A. Objectivity
principle.
B. Business entity
assumption.
C. Going-concern assumption.
D. Revenue recognition principle.
E.
Cost principle.
5. A ledger is:
A.
A record containing increases and decreases in a
specific asset, liability, equity, revenue, or
expense
item.
B. A journal in which
transactions are first recorded.
C. A
collection of documents that describe transactions
and events entering the accounting process.
D.
A list of all accounts with their debit balances
at a point in time.
E. A record containing all
accounts and their balances used by a company.
6. Which of the following statements is
incorrect?
A. The normal balance of accounts
receivable is a debit.
B. The normal balance
of owner's withdrawals is a debit.
【第 1 页 共 9
页】
C. The normal balance of
unearned revenues is a credit.
D. The normal
balance of an expense account is a credit.
E.
The normal balance of the owner's capital account
is a credit.
7. The following
transactions occurred during July:
1) Received
$$900 cash for services provided to a customer
during July.
2) Received $$2,200 cash
investment from Barbara Hanson, the owner of the
business.
3) Received $$750 from a customer in
partial payment of his account receivable which
arose from sales
in June.
4) Provided
services to a customer on credit, $$375.
5)
Borrowed $$6,000 from the bank by signing a
promissory note.
6) Received $$1,250 cash from
a customer for services to be rendered next year.
What was the amount of revenue for July?
A. $$ 900. B. $$ 1,275. C. $$
2,525. D. $$ 3,275. E. $$11,100.
8. If Tim Jones, the owner of Jones Hardware
proprietorship, uses cash of the business to
purchase a
family automobile, the business
should record this use of cash with an entry to:
A. Debit Salary Expense and credit Cash.
B. Debit Tim Jones, Salary and credit Cash.
C. Debit Cash and credit Tim Jones,
Withdrawals.
D. Debit Tim Jones, Withdrawals
and credit Cash.
E. Debit Automobiles and
credit Cash.
9. During the month of
March, Cooley Computer Services made purchases on
account totaling $$43,500.
Also during the
month of March, Cooley was paid $$8,000 by a
customer for services to be provided in the
future and paid $$36,900 of cash on its
accounts payable balance. If the balance in the
accounts payable
account at the beginning of
March was $$77,300, what is the balance in accounts
payable at the end of
March?
A. $$83,900.
B. $$91,900. C. $$6,600. D. $$75,900. E.
$$4,900.
10. The accrual basis of
accounting:
A. Is generally accepted for
external reporting because it is more useful than
cash basis for most business
decisions.
B.
Is flawed because it gives complete information
about cash flows.
C. Recognizes revenues when
received in cash.
D. Recognizes expenses when
paid in cash.
E. Eliminates the need for
adjusting entries at the end of each period.
11. Which of the following statements is
incorrect?
A. Adjustments to prepaid
expenses, depreciation, and unearned revenues
involve previously recorded
assets and
liabilities.
B. Accrued expenses and accrued
revenues involve assets and liabilities that had
not previously been
recorded.
C. Adjusting
entries can be used to record both accrued
expenses and accrued revenues.
D. Prepaid
expenses, depreciation, and unearned revenues
often require adjusting entries to record the
【第 2 页 共 9 页】
effects of the
passage of time.
E. Adjusting entries affect
the cash account.
12. If a company
mistakenly forgot to record depreciation on office
equipment at the end of an accounting
period,
the financial statements prepared at that time
would show:
A. Assets overstated and equity
understated.
B. Assets and equity both
understated.
C. Assets overstated, net income
understated, and equity overstated.
D. Assets,
net income, and equity understated.
E. Assets,
net income, and equity overstated.
13.
Closing the temporary accounts at the end of each
accounting period:
A. Serves to transfer the
effects of these accounts to the owner's capital
account on the balance sheet.
B. Prepares the
withdrawals account for use in the next period.
C. Gives the revenue and expense accounts zero
balances.
D. Causes owner's capital to reflect
increases from revenues and decreases from
expenses and
withdrawals.
E. All of these.
14. The usual order for the asset section
of a classified balance sheet is:
A. Current
assets, prepaid expenses, long-term investments,
intangible d expense属于
current assets
B.
Long-term investments, current assets, plant
assets, intangible assets.
C. Current assets,
long-term investments, plant assets, intangible
assets.
D. Intangible assets, current assets,
long-term investments, plant assets.
E. Plant
assets, intangible assets, long-term investments,
current assets.
15. A company purchased
$$4,000 worth of merchandise. Transportation costs
were an additional $$350.
The company later
returned $$275 worth of merchandise and paid the
invoice within the 2% cash discount
period.
The total amount paid for this merchandise is:
A. $$3,725. B. $$3,925. C. $$3,995.
D. $$4,000.50. E. $$4,075.
16. Which
of the following inventory costing methods will
always result in the same values for ending
inventory and cost of goods sold regardless of
whether a perpetual or periodic inventory system
is used?
A. FIFO and LIFO
B. LIFO and
weighted-average cost
C. Specific
identification and FIFO
D. FIFO and weighted-
average cost
E. LIFO and specific
identification
17. The conservatism
constraint:
A. Requires that when multiple
estimates of amounts to be received or paid in the
future are equally likely,
then the least
optimistic amount should be used.
B. Requires
that a company use the same accounting methods
period after period.
C. Requires that revenues
and expenses be reported in the period in which
they are earned or incurred.
【第 3 页 共 9 页】
D. Requires that all items of a
material nature be included in financial
statements.
E. Requires that all inventory
items be reported at full cost.
18.
Assume that a company uses a sales journal, a
purchases journal, a cash receipts journal, a cash
disbursements journal, and a general journal.
A sales return for credit on account would be
recorded in
the:
A. Sales journal.
B.
General journal.
C. Cash receipts journal.
D. Accounts receivable ledger.
E. Cash
disbursements journal.
19. A properly
designed internal control system:
A. Lowers
the company's risk of loss.
B. Insures
profitable operations.
C. Eliminates the need
for an audit.
D. Requires the use of non-
computerized systems.
E. Is not necessary if
the company uses a computerized system.
20. When two clerks share the same cash
register it is a violation of which internal
control principle?
A. Establish
responsibilities.
B. Maintain adequate
records.
C. Insure assets.
D. Bond key
employees.
E. Apply technological controls.
21. After posting is completed, there may
be an error if:
A. The sum of the customer
account balances does not equal the total in the
sales journal.
B. The sum of the accounts
receivable ledger does not equal the balance in
the Sales account.
C. The sum of the customer
account balances does not equal the general ledger
Accounts Receivable
controlling account
balance.
D. The balance in the sales journal
does not equal the Accounts Receivable account
balance.
E. The sum of the accounts receivable
ledger does not equal the balance in the sales
journal.
22. Cash equivalents:
A.
Include savings accounts.
B. Include checking
accounts.
C. Are short-term investments
sufficiently close to their maturity date that
their value is not sensitive to
interest rate
changes.
D. Include time deposits.
E. Have
no immediate value.
23. When a petty cash
fund is in use:
A. Expenses paid with petty
cash are recorded when the fund is replenished.
B. Petty Cash is debited when funds are
replenished.
C. Petty Cash is credited when
funds are replenished.
【第 4 页 共 9 页】
D. Expenses are not recorded.
E. Cash is debited when funds are replenished.
24. For which item does a bank NOT issue
a debit memorandum?
A. To notify a depositor
of all withdrawals through an ATM.
B. To
notify a depositor of a fee assessed to the
depositor's account.
C. To notify a depositor
of a uncollectible check.
D. To notify a
depositor of periodic payments arranged in
advance, by a depositor.
E. To notify a
depositor of a deposit to their account.
25. Martha Company has an established petty
cash fund in the amount of $$500. The fund was last
reimbursed on November 30. At the end of
December, the fund contained the following petty
cash
receipts:
If, in
addition to these receipts, the petty cash fund
contains $$301 of cash, the journal entry to
reimburse
the fund on December 31 will
include:
A. A debit to Transportation-In of
$$73.
B. A debit to Transportation-Out of $$73.
C. A credit to Office Supplies of $$66.
D.
A credit to Cash Over and Short of $$10.
E. A
debit to Cash Over and Short of $$10.
26. The following information is available for
Holland Company at December 31:
Based on this information, Holland Company
should report Cash and Cash Equivalents on
December 31
of:
A. $$35,421 B. $$50,421
C. $$37,546 D. $$36,246 E. $$40,439
【第 5 页 共 9 页】
27. Louise
Company reported the following income statement
information for Year 1 and Year 2:
The beginning inventory balance for Year
1 is correct. The ending inventory balance for
Year 2 is also
correct. However, the ending
inventory figure for Year 1 was overstated by
$$20,000. Given this
information, the correct
gross profit figures for Year 1 and Year 2 would
be:
A. $$129,000 for Year 1 and $$256,000 for
Year 2.
B. $$281,000 for Year 1 and $$274,000
for Year 2.
C. $$129,000 for Year 1 and
$$276,000 for Year 2.
D. $$169,000 for Year 1
and $$236,000 for Year 2.
E. $$169,000 for Year
1 and $$276,000 for Year 2.
28. A company
has the following per unit original costs and
replacement costs for its inventory:
Part A: 50 units with a cost of $$5, and
replacement cost of $$4.50
Part B: 75 units
with a cost of $$6, and replacement cost of $$6.50
Part C: 160 units with a cost of $$3, and
replacement cost of $$2.50
Under the lower
of cost or market method, the total value of this
company's ending inventory is:
A. $$1,180.00.
B. $$1,075.00.
C. $$1,075.00 or $$1,112.50,
depending upon whether LCM is applied to
individual items or the inventory
as a whole.
D. $$1,112.50.
E. $$1180.00 or $$1075.00,
depending upon whether LCM is applied to
individual items or to the inventory
as a
whole.
Part II PROBLEMS (68 points)
Problem One (26 points)
Ceres Computer
Sales uses the perpetual inventory system and had
the following transactions during
December.
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Required:
Prepare the general journal
entries to record these transactions.
Problem Two (10 points)
In general journal
form, record the December 31 adjusting entries for
the following transactions and
events. Assume
that December 31 is the end of the annual
accounting period.
a. The Prepaid Insurance
account shows a debit balance of $$2,340,
representing the cost of a three-year
fire
insurance policy that was purchased on October 1
of the current year.
b. The Office Supplies
account has a debit balance of $$400; a year-end
inventory count reveals $$80 of
supplies still
on hand.
c. On November 1 of the current year,
Rent Earned was credited for $$1,500. This amount
represented the
rent earned for a three-month
period beginning November 1.
d. Estimated
depreciation on office equipment is $$600.
e.
Accrued salaries amount to $$400.
Problem
Three(12 points)
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Following is the year-end adjusted trial
balance for Yakima's Sporting Goods for the
current year:
Required
:
Prepare the closing entries at December 31 for
the current year.
Problem Four(20
points)
Brown Company's bank statement for
September 30 showed a cash balance of $$1,350. The
company's
Cash account in its general ledger
showed a $$995 debit balance. The following
information was also
available as of September
30.
a. A $$125 debit memoranda is
included with the bank statement and dealt with a
customer's check for
$$100 marked NSF and
returned to Brown Company by the bank. In
addition, the bank charged the
company's a $$25
processing fee.
b. The September 30 cash
receipts, $$1,250, were placed in the bank's night
depository after banking hours
on that date
and this amount did not appear on the September 30
bank statement.
c. A $$15 debit memorandum for
checks printed by the September 30 bank was
included with the canceled
checks.
d.
Outstanding checks amounted to $$1,145.
e. A
customer's note for $$900 was collected by the
bank. A collection fee of $$25 was deducted by the
bank and the difference was deposited in the
account.
f. Included with the canceled checks
was a check for $$275, drawn on another company,
Browne Inc.
Required
:
(a)
Prepare a bank reconciliation as of September 30.
(b) Prepare any necessary adjusting journal
entries necessary as a result of the bank
reconciliation.
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