Accounting Review Unit 4
Quiz by Christina McLamb
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- Q 1/23Score 0In Scenario 4.01 G, calculate the adjusted bank balance.29$1,330.00$1,370.00$1,600.00$1,080.00
23 questions
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- Q1In Scenario 4.01 G, calculate the adjusted bank balance.$1,330.00$1,370.00$1,600.00$1,080.0030s
- Q2In Scenario 4.01 D, what is the adjusted checkbook balance?$3,420.50$4,319.50$4,120.50$3,870.0030s
- Q3On February 14, Watauga Enterprises received notice from the bank of a dishonored check from Wilkes Company in the amount of $200.00. The bank charged a service fee of $25.00. What is the correct journal entry for Watauga Enterprises to record the dishonored check?Debit Accounts Receivable-Wilkes Company $225.00; credit Cash $225.00Debit Accounts Receivable-Wilkes Company $200.00, debit Bank Service Charge $25.00; credit Cash $225.00Debit Cash $225.00; credit Accounts Receivable-Wilkes Company $225.00Debit Accounts Receivable-Wilkes Company $225.00; credit Bank Service Charge $25.00, credit Cash $200.0030s
- Q4In Scenario 4.01 G, does the bank statement reconcile?No, the adjusted checkbook balance is $115.00 too high.Yes, the adjusted checkbook balance and the adjusted bank balance agree.Yes, the adjusted checkbook balance is more than the adjusted bank balance.No, the adjusted checkbook balance is $230.00 too low.30s
- Q5Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?$2,345.00$2,325.00$2,360.00$2,580.0030s
- Q6In Scenario 4.01 D, what is the journal entry to record the bank service charge?Debit Cash $4.50, Credit Transaction Fee $4.50Debit Cash $4.50, Credit Miscellaneous Expense $4.50Debit Miscellaneous Expense $4.50, Credit Cash $4.50Debit Transaction Fee $4.50, Credit Cash $4.5030s
- Q7In Scenario 4.01 B, calculate the adjusted checkbook balance.$1,925.00$1,474.00$1,325.00$1,622.0030s
- Q8On April 16, Caldwell Company received notice from the bank of a dishonored check from Hickory Hosiery in the amount of $55.00. The bank charged a service fee of $25.00. What is the correct journal entry for Caldwell Company to record the dishonored check?Debit Cash $80.00; credit Accounts Receivable-Hickory Hosiery $80.00Debit Accounts Receivable-Hickory Hosiery $80.00, Credit Bank Service Charge $25.00, Credit Cash $55.00Debit Accounts Receivable-Hickory Hosiery $80.00; credit Cash $80.00Debit Accounts Receivable-Hickory Hosiery $55.00, debit Bank Service Charge $25.00; credit Cash $80.0030s
- Q9Mary wants to replenish the $200 petty cash fund. She has receipts for the following total payments: supplies, $25; and repairs, $45. A cash count shows $130 in the petty cash box. What is the correct journal entry to record the transaction?Debit Miscellaneous Expense $70 and credit Cash $70Debit Repair Expense $45, debit Supplies $25 and credit Cash $70Debit Cash $70 and credit Miscellaneous Expense $70Debit Repair Expense $45, debit Supplies $25 and credit Petty Cash $7030s
- Q10Michael wants to establish a $500 petty cash fund for his business. He has requested a check for $500. What is the correct journal entry to record the transaction?Debit Petty Cash $500 and credit Cash $500Debit Miscellaneous Expense $500 and credit Cash $500Debit Petty Cash $500 and credit Miscellaneous Expense $500Debit Cash $500 and credit Petty Cash $50030s
- Q11John's Seafood has $1,500.00 in wages, $93.00 in Social Security withholding, $21.75 in Medicare withholding, $200.00 in federal income tax withholding, and $80.00 in state income tax withholding. What is the correct entry for recording the company's payroll?Debit Wages Expense $1,500.00, Cash $1,105.25; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00Debit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Salary Expense $1,500.00, Cash $1,105.25Debit Salary Expense $1,500.00, Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00; credit Cash $1,105.25Debit Salary Expense $1,500.00; credit Social Security Tax Payable $93.00, Medicare Tax Payable $21.75, Federal Income Tax Payable $200.00, State Income Tax Payable $80.00, Cash $1,105.2530s
- Q12In FIGURE 4.03 B, what are Alison's gross earnings for the pay period?$1,630.14$1,770.83$7,083.33$1,634.6230s
- Q13In FIGURE 4.03 C, what is the state income tax withholding for Kevin?$39.00$.0.39$3.90$390.0030s
- Q14In FIGURE 4.03 B, what are Nick's gross earnings for the pay period?$350.00$680.00$465.00$115.0030s
- Q15WKRP Broadcasting paid federal unemployment taxes of $28. What is the entry to journalize the payment of the unemployment taxes?Debit Cash $28.00; credit Federal Unemployment Tax Payable $28.00Debit Federal Unemployment Tax Payable $28.00, credit Cash $28.00Debit Federal Unemployment Tax Payable $28.00, credit Payroll Tax Expense $28.00Debit Payroll Tax Expense $28.00, credit Cash $28.0030s
