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Account 716

Quiz by Lulwa

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7 questions
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  • Q1
    The correct entries for closing fees earned is
    Dr: fees earned , Cr: Income summary
    Dr:Income summary , Cr:fees earned
    Dr: Capital , Cr: fees earned
    Dr: fees earned , Cr: Capital
  • Q2
    Find the missing amount of the entry: Dr: Income summary 1350 Cr: Wages Expense................ Cr: Supplies Expense 750
  • Q3
    What is the correct entry for closing Drawing Account
    Dr: Capital Cr: Drawing
    Dr: Drawing Cr: Income summary
    Dr: Drawing Cr: Capital
    Dr: Income summary Cr: Drawing
  • Q4
    Select the proper name that matches the questions. ( Checks drawn against an account in which there are not sufficient funds, so the check is returned because of nonpayment.)
    Outstanding checks
    NSF Checks
    Petty Cash Fund
    Canceled Checks
  • Q5
    The fee charged for handling the checks, collections, and other items for the depositor's account is:
    Petty Cash Fund
    Outstanding checks
    Deposit in transit
    Bank Service Charge
  • Q6
    For the Bank Reconciliation Statement where is the correct section for outstanding checks?
    Cash Book , Deduct
    Cash Book , Add
    Bank Statement , Deduct
    Bank Statement , Add
  • Q7
    What is the correct reconcile if the bank recorded a deposit of BD 323 as BD 223
    Cash , Add BD 100
    Cash , Less BD 100
    Bank , Less BD 100
    Bank , Add BD 100

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