Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry isrequired in the company's accounts?
a. debit Other Income; credit Cash
b. debit Cash; credit Other Income
c. debit Cash; credit Accounts Receivable
d. debit Accounts Receivable; credit Cash
(
Q. 2) Match each of the following items with the appropriate consequence.
a. par value
b. bond discount
c. bond premium
______ 1. occurs when the stated rate of interest is greater than the market rate of interest
______ 2. occurs when the stated rate of interest is the same as the market rate of interest
______ 3. occurs when the stated rate of interest is less than the market rate of interest
(
Q. 3) The _____________________________
_ actively blocks unauthorized traffic using rules specified by an organization.
Fill in the blank(s) with correct word
(
Q. 4) Intangible assets are depleted over their useful lives.
Indicate whether the statement is true or false
(
Q. 5) A schedule of accounts receivable is normally prepared
a. following each transaction.
b. daily.
c. weekly.
d. monthly.
(
Q. 6) Inventory information for Missoula Merchandising, Inc. is provided below. Sales for the period were 2,800 units for 8 each. The company uses a weighted average periodic inventory system.
Date Number of Units Unit Cost Total Cost
January 1 Beginning inventory 1,000 2.20 2,200
January Purchase 600 3.50 2,100
February Purchase 800 4.00 3,200
March Purchase 1,200 4.25 5,100
Totals 3,600 12,600
Determine the ending inventory at March 31.
A) 2,300
B) 3,300
C) 9,800
D) 2,800
Quick Reply
