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A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of $1,681, bank charges of $11, deposits in transit of $317, outstanding checks of $221, and NSF checks of $90.

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1) A bank reconciliation revealed cash per the bank statement of $1,484, cash per company records of

$1,681, bank charges of $11, deposits in transit of $317, outstanding checks of $221, and NSF checks of $90. The correct cash balance is?

2) A bank reconciliation revealed bank charges of $11, outstanding checks of $221, and NSF checks of $90. The journal entry to cause the company records to match the correct adjusted ending cash balance includes:

A. a credit to cash for $11

B. a credit to cash for $90

C. a credit to cash for $101

D. a credit to cash for $322

3) Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $182. The journal entry to reflect replenishment would include:

A. a credit to Petty Cash for $318

B. a credit to Cash or $182

C. debits to expense of $318

D. a debit to Cash for $318

4) Trading securities were purchased for $100,000. Initially the investment climbed in value to $125,000. By year’s end, it had decreased in value to $90,000. At what amount should the trading securities be reported on the year-end balance sheet?

A. $90,000

B. $100,000

C. $125,000

D. None of these.

5) Alpha Company was preparing its month-end bank reconciliation. The cash balance per the general ledger was $1,645. Alpha’s accountant discovered that the bank had charged $15 in service charges for the month, that outstanding checks were $60, and that there were no deposits in transit. What is the correct adjusted ending cash balance?

6) Alpha Company established a petty cash fund on 1/2/y2, of $800. Prepare the general journal entry, without explanation, to record this event?

7) Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry (without explanation) for July 8, 2016. If no entry is required then write “No Entry Required.”

 
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