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Practice test answers ch 89 10a

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Answers to Practice Test (chapters 8,9, 10a) Multiple Choice 1E 2E 3D 4A 5A 6B 7D 8B 9E 10 A 11 D 12 C 13 B 14 D 15 A 16 D 17 A 18 D 19 E 20 D 21 B 22 A 23 D Problem 1 Bank Balance 14,350 Less: outstanding checks (4,180) Add: Bank error of safe dep charge Dep in transit Adj Bank Bal Book Balance Less: 40 3,000 13,210 Adj book balance Journal Entries Phone Exp Cash 450 A/R Cash 100 450 100 Bank Expense Cash 25 Bank Expense Cash 20 Book error, Chk 2222 NSF Check NSF Check charge Bank Service charge 25 20 13,805 (450) (100) (25) (20) 13,210 Problem #2 Petty Cash Cash Postage Expense Food expense Delivery Exp (or Merch Invent) Office Supplies Exp Cash over and short Cash 300 300 140.00 36.20 27.49 58.97 8.34 271.00 Problem #3 Sept. 1 Cash 636.50 Credit card expense* 33.50 Sales 670 To record credit card sales less fee. 1 CGS Merch inventory 450 2 Cash Sales To record cash sales 256 2 CGS Merch Inv 175 450 256 175 5 A/R - Plas Fant 1,251.30 Credit Card Exp 38.70 Sales To record credit card sales. 5 CGS Merch Inv 850 850 6 A/R - Plas Fant 1,988.50 Credit Card Exp 61.50 Sales To record credit card sales. 6 CGS Merch Inv 1,290.00 2,050.00 1425 1425 7 No journal entry required. 10 Cash 1,368.00 Credit card expense* 72 Sales 1,440.00 To record credit card sales less fee. *($1,440 x .05) 10 CGS Merch Inv 1020 1020 17 Cash 3,239.80 A/R - Plas Fant 3,239.80 To record cash received from credit card company. Problem #4 1a 1b 1c 2 ...
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