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- 1. Open EndedThe total of all balances in the subsidiary AR subledgers should equal the balance of AR account in the General Ledger. This check is usually done in the month end.
- 2. Open EndedWhen you are preparingg the Sales Invoice, you are billing the customer to inform the customer of the amount that is owed for the merchandise shipped
- 3. Open EndedCredit Memo, Receiving Report, authorized Sales Return Request are all needed for accounting for good returned from customers
- 4. Open EndedA bill of lading is a written contract between the seller and the carrier.
- 5. Open EndedYOU Prepare a Customer Purchase Order, immediately upon receiving an order from a customer.
- 6. Open EndedIn most cases, GAAP requires the recognition of a revenue and the transaction recorded as of the date when the goods were shipped or services performed.
- 7. Open EndedA Cash Receipts journal is a journal for recording cash receipts from collections (from prior sales), cash sales, and all other cash receipts. Cash Receipts Journal is different from Cash Receipts Prelist.
- 8. Open EndedSale can be either Cash Sales or Credit Sales. When it is a Cash Sales, appropriate entry has to be made in accounts receivable subledger and general ledger.
- 9. Open EndedReceiving report is completed as soon as customer sends a request to return the goods.
- 10. Open EndedWhen a customer files for bankruptcy, you know that the accounts receivable from that customer cannot be collected. Then, you write-off uncollectible accounts receivable by making the following accounting entry: Dr- Allowance for Doubtful Accounts Cr- Accounts Receivable
- 11. Open EndedIf you are making a purchase on credit, you make the journal entry in the purchase journal. Then, you post it to the accounts payable sub-ledger as an increase in payables.
- 12. Open EndedWhich of the following is NOT used in the Purchase and Disbursement Cycle? Purchase Order Purchase requisition Receiving report None of these
- 13. Open EndedCash Disbursement Journal is a special journal used in Purchase and Cash Disbursement Cycle.
- 14. Open EndedFixed Asset Subsidiary ledger is not updated in Purchase and Cash Disbursement Cycle, even when a fixed asset is purchased
- 15. Open EndedPurchase order is made by?
- 16. Open EndedPurchase Requisition from inside the buyer firm, like store room supervisor or factory personnel
- 17. Open EndedVendor's invoice is made by?
- 18. Open EndedBill of lading is made by?
- 19. Open EndedUsually, at the end of the month, purchases journal is totalled, and posted to the general ledger.
- 20. Open EndedAs with sales, the purchase journal is totaled periodically, usually monthly. The totals in the purchase journal are posted to the general ledger
- 21. Open EndedOn Dec30, You Issued check to Velocity Sporting Goods for payment in full of their invoice for goods received December 23. The invoice amount was $3,900 (corrected based on the receiving report). The check was made for $3800, as you got a discount for paying within the discount period. You make relevant entry in the relevant special journal on Dec 30. Then you post it to the accounts payable subsidiary ledger on same date.
- 22. Open EndedDec 31, You received vendor invoice from University Athletic News for advertisements Waren ran during the Christmas season, and you immediately issued a check for payment in full. You will then make a journal entry in purchase journal and cash disbursement journal on Dec 31
- 23. Open EndedAt the end of the month, you summarize purchases journal, and post the totals to general ledger. For the miscellaneous debit and credit columns in the purchases journal, the total for each account affected must be posted to the GL.
- 24. Open EndedOn Dec 24, you issued a cheque check (Doc. No. 20) to Interstate Motor Freight for the amount of the freight bill (Doc. No. 19) for the Velocity Sporting Goods shipment received December 23. You make an entry in which of the following journals and ledgers on Dec 24?
- 25. Open EndedOn Dec 24, you received vendor invoice No. 34719 (Doc. No. 18) from Velocity Sporting Goods for goods ordered December 16 and received December 23. What date you will use in accounting in purchase journal.
- 26. Open Endedin your SUA project, one of the 8 transactions in Purchase and Cash Disbursement Cycle is related to Purchase Returns
- 27. Open EndedAccounts Payable Trial Balance has an aged analysis of accounts payable.
- 28. Open EndedOn Dec30, You Issued check to Velocity Sporting Goods for payment in full of their invoice for goods received December 23. The invoice amount was $3,900 (corrected based on the receiving report). The check was made for $3800, as you got a discount for paying within the discount period. What entries will you make in the journal on Dec 30?
- 29. Open EndedIn the month end, you summarize the cash disbursement journal, and post it in general ledger. For Other GL a/cs, the total for each affected account must be posted to the general ledger.
- 30. Open EndedReceived office supplies from Chicago Office Supply as listed on purchase order No. 327 (Doc. No. 16), a copy of which is being held in accounting. Chicago Office Supply's vendor invoice No. 2378 (Doc. No. 18) was received with the goods. All supplies ordered were received in good condition and taken directly to the office, but the invoice was not paid. For the above transaction, you first make a Purchase Order.
- 31. Open EndedThe receiving report, vendor invoice, and approved purchase order , are all required before you do the acccounting for a purchase on account (credit purchase).
- 32. Open EndedWhen you make a cash purchase, you make an entry in cash disbursement journal.
- 33. Open EndedWhen you issued a check to Velocity Sporting goods for payment in full of their invoice, you considered their credit terms before making the payment (2/10, net 30), You entered the discount amount in the cash disbursement journal under the purchases discounts column. The total under that column, was footed in the month end, and entered in the GL account 30700 (Purchase Discounts).
- 34. Open EndedIn the month end, Jim Adams posts the column totals in Cash Disbursement Journal, and Purchase Journal, and individual transactions in "Other" columns to the appropriate GL account, and updates each GL a/c balance. He places a posting reference check mark [a tick sign] under each column total in the journals and by each of the individual transactions in the "Other" columns to show that the numbers have been posted.
- 35. Open EndedWhenever you make a payment with a cheque, for an invoice to a vendor, you make sure that you write paid, with check no., date and initials. This is done to avoid duplicate payments.
- 36. Open EndedYou create a receiving report when you receive goods from vendor or returns from customer
- 37. Open EndedNancy Ford foots the balance of each subsidiary for accounts payable, and compares the total to the appropriate GL account (Accounts Payable Account in GL is 20100).
- 38. Open EndedA cash purchase was made from University Athletic News for advertisements. Immediately, an entry was made in the Purchase Journal.
- 39. Open EndedNancy Ford foots and crossfoots the special journals , Purchase Journal, and Cash Disbursement Journal.
- 40. Open EndedNancy Ford prepared the Receiving Reports
- 41. Open EndedSharmilee makes a gross pay of $1600 in the last bi-weekly pay period in 2014. Her FICA WITHHOLD amount was calculated as $122.4. Her Federal Tax WITHHOLD by Lubbock Sports Supply is $55. a)Please make a journal entry for Lubbock Sports Supply on Dec 31 for withheld amounts. b) In SUA, where will the Journal Entry be made first
- 42. Open EndedIn your SUA, GL, A/c no: 20300 is called Federal Income Tax Withheld, and A/c no. 20700 is called Federal Income Taxes Payable, A/c no. . Federal Income Tax Withheld (20300) is based on the tax that Warren Sports Supply has to payas corporate income tax for the year 2013.
- 43. Open EndedLubbock Sports Supply has to pay the following taxes as Employer Taxes: FICA-matching the employee contribution =$1,376.80 FUTA=$137.68 SUTA=$929.34 Which of the following journal entry will be made?
- 44. Open EndedOn Instructions, Flowcharts, and Ledgers, Refer Page13 (number4), and make same assumptions. Sharmilee, Dan, and Linda work in Lubbock Sports Supply. Until Dec 15., 2014 the accumulated gross pay was as following: Sharmilee:$3700, Dan:$8000, Linda:$6500 In the last biweekly payperiod, they get gross pay as follows: Sharmilee:$500, Dan:$800, Linda:$900 a)What Total amount is subject to FUTA and SUTA as Employer Payroll taxes? b)How much Lubbock Sports Supply should pay as FUTA, c)How much they should pay as SUTA?
- 45. Open EndedRefer Page 28 of your Instructions, Flowcharts, and Ledgers, A/C-FICA payable. On credit side, you notice equal amounts repeated on Oct 31, and Nov 30. The first amount is for the FICA withheld from the employee, and the second one is for employer contribution of FICA
- 46. Open EndedRefer to the CD journal on page 12. On Nov 15, Warren Sports Supply made a payment of $3575.79 via check#1129 to Internal Revenue Service. For what purpose the payment has been made?
- 47. Open EndedFor Bad debt expense, you need information from GL account balance of Sales, Sales Returns and Allowances, and Sales Discounts.
- 48. Open EndedThe adjustment for depreciation expenses is made in the General Ledger, and then posted to the General Journal.
- 49. Open EndedThe entry for making depreciation for the year, is : Dr Depreciation Expense Cr. Accumulated Depreciation
- 50. Open EndedThe adjustment entry for Interest Expense is Dr. Interest payable Cr. Interest Expense
- 51. Open EndedA retailer purchased 10 laptops for 800. The retailer sold these 10 laptops for $1000. The Cost of Goods sold is then $1000.
- 52. Open EndedBad Debt Expense is calculated after multiplying a certain percentage, with Gross Sales
- 53. Open EndedFor making provisions for bad debt, you make the journal entryy: Dr. Allowance for Bad Debt Cr. Accounts Receivable
- 54. Open EndedYou have done the year ending adjustment entry in the General Journal to adjust inventory and record COGS. After making the journal entry in the General Journal, you post it to the GL accounts. Subsequently, which of the following accounts will have a balance of Zero, in the GL.
- 55. Open EndedFreight-In balance in GL is required for calculating COGS
- 56. Open EndedYou calculate the depreciation expense from the Fixed Assets Trial Balance
- 57. Open Endedtags are similar to dictionaries
- 58. Open Endedwhen you use XBRL, computer applications will automatically find comprehensive, granular data the instant it's posted online & from it into analysis models for deep, automated analysis
- 59. Open EndedXBRL enhances transparency of financial reporting
- 60. Open EndedXBRL allows users to quickly access the info they need
- 61. Open EndedAnalysts, investors, auditors & regulators will benefit when you use XBRL
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